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Economic Sentiment Level versus the Quality of Life in European Union Member States

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  • Robert Skikiewicz
  • Krzysztof Blonski

Abstract

The purpose of this paper is to evaluate the interplay between variables pertaining to the satis-faction of life and economic sentiments of citizens of selected European countries. The analysis of the connections will be conducted based on existing subjective primary data. The data in question are results of international comparative surveys (European Social Survey, ESS; the OECD's Better Life Initiative) and results of consumer economic sentiment surveys ordered by the European Commission. The research procedure also benefitted from the selected items of literature available in the form of books and articles. Population economic sentiments are subject to cyclical changes connected with the changes in economic situation in individual countries. The analysis of secondary data allows for the con-clusion that there is a statistically significant direct or indirect strong relationship between assessments of life satisfaction and consumer confidence indicator. The grouping of the researched countries based on secondary data has made it possible to capture the similarities between individual states.

Suggested Citation

  • Robert Skikiewicz & Krzysztof Blonski, 2018. "Economic Sentiment Level versus the Quality of Life in European Union Member States," Prague Economic Papers, Prague University of Economics and Business, vol. 2018(4), pages 379-396.
    • Handle: RePEc:prg:jnlpep:v:2018:y:2018:i:4:id:658:p:379-396
    DOI: 10.18267/j.pep.658
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    References listed on IDEAS

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    1. Paul Neisingh & Ad Stokman, 2013. "What drives consumer confidence in times of financial crises? Evidence for the Netherlands," DNB Working Papers 394, Netherlands Central Bank, Research Department.
    2. Nicholas S. Souleles, 2001. "Consumer Sentiment: Its Rationality and Usefulness in Forecasting Expenditure - Evidence from the Michigan Micro Data," NBER Working Papers 8410, National Bureau of Economic Research, Inc.
    3. Heinz Welsch, 2007. "Macroeconomics and life satisfaction: Revisiting the "misery index"," Journal of Applied Economics, Universidad del CEMA, vol. 10, pages 237-251, November.
    4. Sydney C. Ludvigson, 2004. "Consumer Confidence and Consumer Spending," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 29-50, Spring.
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    6. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-1278, December.
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    8. Max-Neef, Manfred, 1995. "Economic growth and quality of life: a threshold hypothesis," Ecological Economics, Elsevier, vol. 15(2), pages 115-118, November.
    9. Teresa Santero & Niels Westerlund, 1996. "Confidence Indicators and Their Relationship to Changes in Economic Activity," OECD Economics Department Working Papers 170, OECD Publishing.
    10. Sławomir Dudek & Dawid Pachucki & Elżbieta Adamowicz & Konrad Walczyk, 2012. "Wahania cykliczne w Polsce i strefie euro," Prace i Materiały, Instytut Rozwoju Gospodarczego (SGH), vol. 89(2), pages 1-223.
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    More about this item

    Keywords

    economic sentiment; life satisfaction; European Union;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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