Why is it important to take welfare into account in the development of a country?

Well-being could measure the quality of life, level of satisfaction, living conditions and wealth of a country's population by interrelating these factors with. In recent years, concerns have arisen that macroeconomic statistics, such as GDP, do not provide a sufficiently detailed picture of the living conditions experienced by ordinary people. While these concerns were already evident during the years of strong growth and good economic performance that characterized the first part of the decade, the financial and economic crisis has further amplified them. Addressing these perceptions is of crucial importance for the credibility and accountability of public policies, but also for the very functioning of democracy.

This chapter begins by analyzing the main correlation between the ODS index and the SWB. We analyze the quadratic relationship described and then show which countries deviate significantly from the main trend. Then, we also looked at how SWB relates to other indices that measure progress to show that the ODS index compares well with them. In the next section, the SDG Index is divided into its 17 component objectives and we analyze the various relationships with well-being.

Here we discuss the advantages and disadvantages that arise when we deepen the relationship between sustainable development and well-being. We end this section by performing a decomposition analysis of variance to show which objectives contribute most strongly to the variation in welfare between countries. Finally, we analyze the determinants of well-being and analyze them as ways by which sustainable development goals affect well-being. Overall, this chapter concludes that the SDGs are a critically important but complex set of goals, as governments increasingly appreciate the overall goal of improving the well-being of their populations.

Well-being is a positive outcome that is significant for people and for many sectors of society, because it tells us that people perceive that their lives are going well. Good living conditions (for example,. Monitoring these conditions is important for public policy. However, many indicators that measure living conditions do not measure what people think and feel about their lives, such as the quality of their relationships, their positive emotions and resilience, the realization of their potential or their overall satisfaction with life, that is,.

In general, these results are in line with the notion that evaluative measures correlate more strongly with economic measures such as income, development and inequality than with emotional measures of well-being. The objective of this study was to develop a more robust measure of well-being that allows researchers and policymakers to measure well-being both as a composite construct and at the level of its fundamental dimensions. In analyzing the seventeen SDGs in relation to well-being, this chapter seeks to take an empirical close look at how sustainable development aligns with the interests of people and the planet, but also where there may be inherent tensions that require more complex political efforts to chart a course to growth environmentally sustainable and socially equitable without reducing human well-being. In a recent speech at Chatham House, Icelandic Prime Minister Katrín Jakobsdóttir has criticized measuring economic growth as a key indicator and argues that measuring well-being is vital.

In addition, the development of the items is in line with widely validated and practiced measures for the identification of diseases. Some governments go beyond the types of individual policies and practices described above and adopt a holistic approach to decision-making in order to develop welfare economies. This implies that economic activity is more important for well-being at the lowest levels of economic development. The OECD has developed and continues to develop a series of guidelines and frameworks to support stakeholders in developing better well-being metrics and is advancing the measurement agenda through several works shown below.

The objectives measure different aspects of economic, social and environmental development within countries. This demonstrates the importance of a holistic approach to economic development when it comes to improving the well-being of citizens. As table 6.4 suggests, SDG 12 continues to correlate negatively with SWB, even if the overall level of economic development measured using GDP per capita is taken into account. .

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Estelle Palacios
Estelle Palacios

Proud zombie maven. Certified bacon specialist. Award-winning bacon maven. Lifelong tv junkie. Typical travel advocate.

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