Abstract
Income has historically been a standard measure of welfare because it serves as a proxy for consumption at a particular moment in time. Yet the factors that shape a person’s economic well-being unfold over time, and may be better observed from a panoramic view rather than a simple snapshot. Beyond the consideration of a person’s ability to produce income, their welfare is affected by the extent they are able to access other tangible resources that can make a difference in their lives and social development. These resources will vary in form and structure but, as a set, can be described as “assets.” One of the central insights of Michael Sherraden’s 1991 book, Assets and the Poor, is that the ability to accumulate assets–whether they are composed of human, social, or financial capital–is a key determinant of long-term social outcomes. In other words, assets matter.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
References
Barr, Michael, Sendhil Mullainathan, and Eldar Shafir. 2008. Behaviorally Informed Financial Services Regulation. Washington, DC: New America Foundation.
Beverly, Sondra, Michael Sherraden, Reid Cramer, Trina Williams Shanks, Yunjun Nam, and Min Zhan. 2008. “Determinants of Asset Holdings.” In Asset Building and Low-income Families, edited by McKernan, Signe-Mary, and Michael Sherraden. Washington, DC: Urban Institute Press.
Boshara, Ray. 2010. Savings and Assets Over the Lifecourse. Washington, DC: New America Foundation.
Bricker, Jesse, Arthur Kennickell, Kevin Moore, and John Sabelhaus. 2012. “Changes in U.S. Family Finances from 2007 to 2010: Evidence from the Survey of Consumer Finances.” Federal Reserve Bulletin 98(2).
Burhouse, Susan, and Yazmin Osaki. 2012. 2011 FDIC National Survey of Unbanked and Underbanked Households. Washington, DC: FDIC.
Calabrese, Michael. 2011. From Auto IRAs to Universal 401(k)s. Washington, DC: New America Foundation.
Canova, Luigina, Anna Maria Manganelli Rattazzi, and Paul Webley. 2005. “The Hierarchical Structure of Saving Motives.” Journal of Economic Psychology 26: 21–34.
Corporation for Enterprise Development. 2012. Assets and Opportunity Scorecard. Washington, DC: CFED.
Chen, Henry, and Robert Lerman. 2005. Do Asset Limits in Social Programs Affect the Accumulation of Wealth? Washington, DC: The Urban Institute.
Choi, James J., David Laibson, Brigitte C. Madrian, and Andrew Metrick. 2004. “For Better or For Worse: Default Effects and 401(k) Savings Behavior.” In Perspectives in the Economics of Aging, edited by David A. Wise. Chicago: University of Chicago Press.
Clancy, Margaret, Peter Orszag, and Michael Sherraden. 2004. College Savings Plans: A Platform for Inclusive Saving Policy? St. Louis, MO: Center for Social Development, Washington University.
Cramer, Reid, and David Newville. 2009. Children’s Savings Accounts: The Case for Creating a Lifelong Savings Platform at Birth as a Foundationfor a “Save-and-invest” Economy. ”Washington, DC: New America Foundation.
Cramer, Reid, and Jeffery Lubell. 2011. Taking Asset Building and Earnings Incentives to Scale in HUD-assisted Rental Housing. Washington, DC: New America Foundation.
Cramer, Reid, Rachel Black, and Justin King. 2012. The Assets Report 2012. Washington, DC: New America Foundation.
Cramer, Reid, Rourke O’Brien, Daniel Cooper, and Maria Luengo-Prado. 2009. A Penny Saved Is Mobility Earned: Advancing Economic Mobility Through Savings. Washington, DC: Economic Mobility Project, The Pew Charitable Trusts.
DeVaney, Sharon, Sophia Anong, and Stacy Whirl. 2007. “Household Savings Motives.” Journal of Consumer Affairs 41(1): 174–86.
Elliott, William III. 2012. We Save, We Go to College. Washington, DC: New America Foundation.
Elliott, William III, Eun Hee Choi, Mesmin Destin, and Kevin Kim. 2011. “The Age Old Question, Which Comes First? A Simultaneous Test of Children’s Savings and Children’s College-bound Identity.” Children & Youth Services Review 33(7): 1101–11.
Federal Deposit Insurance Corporation. 2011. National Survey of Unbanked and Underbanked Household. Washington, DC: FDIC.
Huelsman, Mark, and Rachel Black. 2012. Overcoming Obstacles to College Attendance and Degree Completion. Washington, DC: New America Foundation.
Internal Revenue Service. 2012. Statistics of Income 2011. Washington, DC: IRS.
Klein, Joyce, Ilgar Alisultanov, and Amy Kays Blair. 2003. Microenterprise as a Welfare to Work Strategy. Washington, DC: Aspen Institute.
Lerman, Robert, and Signe-Mary McKernan. 2008. “Benefits and Consequences of Holding Assets.” In Asset Building and Low-income Families, edited by Signe-Mary McKernan and Michael Sherraden. Washington, DC: Urban Institute Press.
Lovenheim, Michael. 2011. “Housing Wealth and Higher Education: Building a Foundation for Economic Mobility.” Washington, DC: Economic Mobility Project, The Pew Charitable Trusts.
Madrian, Brigitte C., and Dennis F. Shea. 2001. “The Power of Suggestion: Inertia in 401(K) Participation and Savings Behavior.” The Quarterly Journal of Economics 116(4): 1149– 87.
McKernan, Signe-Mary, Caroline Ratcliffe, and Katie Vinopal. 2009. Do Assets Help Families Cope with Adverse Events? Washington, DC: Urban Institute.
McKernan, Signe-Mary, C. Eugene Steuerle, and Serena Lei. 2010. Opportunity and Ownership Over the Life Cycle. Washington, DC: Urban Institute.
Nam, Yunju, Youngmi Kim, Margaret Clancy, Robert Zager, and Michael Sherraden. 2012. “Do Child Development Accounts Promote Account Holding, Saving, and Asset Accumulation for Children’s Future? Evidence from a Statewide Randomized Experiment.” Journal of Policy Analysis and Management 31(3).
New York City Department of Consumer Affairs, Office of Financial Empowerment. 2010. The $aveNYC Account: Innovation in Asset Building: Research Update, New York, NY: New York City Department of Consumer Affairs, Office of Financial Empowerment.
Scanlon, Edward, and Deborah Adams. 2005. In Depth Interviews with SEED Youth: Profiles of Participants in a Pilot Study. St. Louis, MO: Center for Social Development, Washington University.
Shanks, Trina Williams. 2005. “The Homestead Act: A Major Asset-building Policy in American History.” In Inclusion in the American Dream: Assets, Poverty, and Public Policy, edited by Michael Sherraden. New York: Oxford University Press.
Schreiner, Mark, and Michael Sherraden. 2006. Can the Poor Save?: Saving and Asset Building in Individual Development Accounts. New Brunswick: Transaction Publishers.
Sherraden, Michael. 1991. Assets and the Poor: A New American Welfare Policy. New York: M.E. Sharp.
Sherraden, Michael, and Julia Stevens, eds. 2010. Lessons from SEED: A National Demonstration of Child Development Accounts. St. Louis, MO: Center for Social Development, Washington University.
Sprague, Aleta, and Rachel Black. 2012. State Asset Limit Reforms and Implications for Federal Policy. Washington, DC: New America Foundation.
Thaler, Richard H. 1994. “Psychology and Savings Policies.” American Economic Review 84(2): 186–92.
Wolff, Ed. 2012. “Wealth.” In The State of Working America, edited by Lawrence Mishel, Josh Bivens, Elise Gould, and Heidi Shierholz. Washington, DC: Economic Policy Institute.
Urahn, Susan, Erin Currier, and Diana Elliott. 2012. Pursuing the American Dream: Economic Mobility Across Generations. Washington, DC: Economic Mobility Project, The Pew Charitable Trusts.
US Census Bureau. 2009. Survey of Income and Program Participation, 2008 Panel, Wave 4. Washington, DC: US Department of Commerce.
US Federal Reserve Board of Governors. 2012. Survey of Consumer Finances 2010. Washington, DC: Federal Reserve Board of Governors.
US Joint Committee on Taxation. 2012. Estimates of Federal Tax Expenditures for Fiscal Years 2011–2015. Washington, DC: The Joint Committee on Taxation.
Editor information
Copyright information
© 2014 Reid Cramer and Trina R. Williams Shanks
About this chapter
Cite this chapter
Cramer, R. (2014). Foundations of an Asset-Based Social Policy Agenda. In: Cramer, R., Shanks, T.R.W. (eds) The Assets Perspective. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137384881_12
Download citation
DOI: https://doi.org/10.1057/9781137384881_12
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-349-48196-5
Online ISBN: 978-1-137-38488-1
eBook Packages: Palgrave Political Science CollectionPolitical Science and International Studies (R0)