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Predictors of Well-Being in High Income, Industrialized Countries and Their Related Effects

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  • Holcomb, Christopher

Abstract

Motivated by both: academic research illuminating the diminishing returns nature of the relationship between income and subjective well-being, and the recent development of composite indices as alternatives to GDP, this paper seeks to analyze empirically the relationship between a variety of macro-level indicators and subjective well-being. As there has been a paucity of research on this subject on just high-income countries, the paper looks at only those countries and finds that the effects of GDP do indeed diminish in comparison to low-income countries. Furthermore, the empirical analysis overall supports the thesis that as GDP rises, the values of countries shift from personal survival and economic opportunity towards larger government, less working hours, and more emphasis on trust in institutions and people.

Suggested Citation

  • Holcomb, Christopher, 2013. "Predictors of Well-Being in High Income, Industrialized Countries and Their Related Effects," MPRA Paper 53012, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:53012
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    References listed on IDEAS

    as
    1. Frey, Bruno S. & Stutzer, Alois, 2010. "Recent Advances in the Economics of Individual Subjective Well-Being," Working papers 2010/04, Faculty of Business and Economics - University of Basel.
    2. Sarracino, Francesco, 2013. "Determinants of subjective well-being in high and low income countries: Do happiness equations differ across countries?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 42(C), pages 51-66.
    3. Brent Bleys, 2012. "Beyond GDP: Classifying Alternative Measures for Progress," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 109(3), pages 355-376, December.
    4. John F. Helliwell, 2008. "Life Satisfaction and Quality of Development," NBER Working Papers 14507, National Bureau of Economic Research, Inc.
    5. Helliwell, John F., 2003. "How's life? Combining individual and national variables to explain subjective well-being," Economic Modelling, Elsevier, vol. 20(2), pages 331-360, March.
    6. Easterlin, Richard A., 1974. "Does Economic Growth Improve the Human Lot? Some Empirical Evidence," MPRA Paper 111773, University Library of Munich, Germany.
    7. Dolan, Paul & Peasgood, Tessa & White, Mathew, 2008. "Do we really know what makes us happy A review of the economic literature on the factors associated with subjective well-being," Journal of Economic Psychology, Elsevier, vol. 29(1), pages 94-122, February.
    8. World Bank, 2013. "World Development Indicators 2013," World Bank Publications - Books, The World Bank Group, number 13191.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Well-being; Subjective Well-Being; World Values Survey; Alternatives to GDP; Development; Easterlin Paradox;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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