The trend toward more income inequality and the small gains in real median family income since the 1970s are well known. Despite little growth in measured income, however, the typical family does not seem to be experiencing greater difficulty meeting its basic needs. And although income inequality seems to have returned to levels that prevailed before World War II, our measures of inequality may not have the same implications for families’ economic well-being as they did in the past. Professor Dora Costa will discuss her examination of how people are spending their time and their money, and what we can learn from it about changes in economic well-being for the typical family and about differences in circumstances among families.