Government Effectiveness, Education, Economic Development And Well-Being: Analysis Of European Countries In Comparison With The United States And Canada, 2000-2007
In this article we present an econometric analysis of the relationship between several indicators of economic development and wellbeing in Europe, the United States and Canada. We calculate a compound index of several indicators based on three groups: 1) Life satisfaction and income per capita, 2) governance indicators based on World Bank, including Voice and Accounting Index and Government Effectiveness Index, and 3) Educational indicators, including public education expenditure per capita and average total years of schooling, The most outstanding countries in the overall index are Norway, Denmark, Sweden, the United States, Austria, Ireland, Switzerland, Canada, Finland, Netherlands, and the United Kingdom. The three groups of indicators are highly correlated in several ways, due to the important positive effects of education on economic development and governance effectiveness, as well as to the positive effects of the “Voice and Accounting” index on “Governance Effectiveness”, and the importance of the latter for economic development, as it is shown in the estimated econometric models.
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Find related papers by JEL classification: A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values C5 - Mathematical and Quantitative Methods - - Econometric Modeling H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government I2 - Health, Education, and Welfare - - Education J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
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