Accurate measurement of the standard of living and of generational comparisons is of growing importance in the policy debate. Are baby-boomers better off than generations born later? How should we compare the standard of living across families of different size? How do individual earnings relate to family income? Are public pensions more generous that private sector pensions?

Snapshot measures of transfers, taxes and pension entitlements can be very misleading and typically do not reflect the reality of either the level or distribution of standard of living. What is required is careful and detailed empirical work on all sources of incomes and outlays for families and for the individuals that make up family units. It is particularly important to take a life-cycle view of incomes, consumption and the standard of living, especially in understanding generational issues.

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Blundell, R. (2017). Foreword: On the importance of taking a life-cyle view in understanding generational issues. Economie et Statistique / Economics and Statistics, 491-492, 7. DOI: 10.24187/ecostat.2017.491d.1901