Wellbeing economies are those that prioritize the overall wellbeing and happiness of their citizens over traditional economic indicators such as GDP. These economies implement policies that focus on social, environmental, and economic sustainability, aiming to enhance life satisfaction, reduce inequality, and ensure long-term prosperity.
Published in Chapter:
Wellbeing-Oriented Economic Paradigms for Sustainable Development
Copyright: © 2024
|Pages: 18
DOI: 10.4018/979-8-3693-2219-2.ch005
Abstract
In this chapter, the authors examine sustainable economic growth through a well-being approach, crucial for future prosperity. The authors compare economies using a well-being model against others based on income levels, analyzing eight well-being indicators based on data availability across 70 countries. By adopting robust statistical approaches like non-parametric ANOVA, Kruskal-Wallis H test, and Mann-Whitney U test, a detailed comparison was conducted. The results, supported by literature and case studies, show marked differences in happiness, political stability, and corruption perception among these groups. This study highlights the effectiveness of the well-being economy model, offering valuable insights for policymakers and scholars in sustainable development.