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@article{ Welsch2008,
 title = {The Welfare Costs of Corruption},
 author = {Welsch, Heinz},
 journal = {Applied Economics},
 number = {14},
 pages = {1839-1849},
 volume = {40},
 year = {2008},
 doi = {https://doi.org/10.1080/00036840600905225},
 urn = {https://nbn-resolving.org/urn:nbn:de:0168-ssoar-240366},
 abstract = {Corruption has been shown to affect a variety of economic indicators, especially GDP per capita. However, as GDP is not a genuine indicator of welfare, it may reflect the welfare costs of corruption only in an incomplete way. This paper uses self-rated subjective well-being as an empirical approximation to general welfare and shows that cross-national welfare - operationalized in this way - is affected by corruption not only indirectly, through GDP, but also directly, through non-material factors. The paper estimates the size of these effects as well as their monetary equivalent. The direct effect - not previously investigated in the corruption literature - is found to be substantially larger than the indirect effect.},
}