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The WELLBY: a new measure of social value and progress

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  • Frijters, Paul
  • Krekel, Christian
  • Sanchis, Raul
  • Santini, Ziggi Ivan

Abstract

We introduce the WELLBY, a new measure of social value and progress, which can contribute to the assessment of progress towards the wellbeing economy and steer towards activities with the most wellbeing per financial resources invested. After providing a short rationale for the WELLBY, we give a definition and an overview of its properties. We then show how WELLBYs can help decision-makers with ex-ante policy appraisals, and deliver a practical example on a youth traineeship programme. We also discuss how coefficients from ex-post wellbeing policy evaluations are now being collected as part of social value banks around the world, feeding into future appraisals. Finally, we illustrate how WELLBYs can be used to measure social progress overall, going beyond GDP.

Suggested Citation

  • Frijters, Paul & Krekel, Christian & Sanchis, Raul & Santini, Ziggi Ivan, 2024. "The WELLBY: a new measure of social value and progress," LSE Research Online Documents on Economics 123746, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:123746
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    More about this item

    Keywords

    WELLBY; wellbeing-years; social value; welfare; policy appraisal and evaluation; social value banks; beyond GDP; REf fund;
    All these keywords.

    JEL classification:

    • N0 - Economic History - - General

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