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Polemic of Economic Welfare in ASEAN-4

Author

Listed:
  • Fitriadi Fitriadi

    (Mulawarman University, Faculty of Economics and Business–Department of Economics, Samarinda, Indonesia)

  • Jiuhardi Jiuhardi

    (Mulawarman University, Faculty of Economics and Business–Department of Economics, Samarinda, Indonesia)

  • Wijaya Adi

    (Mulawarman University, Faculty of Economics and Business–Department of Economics, Samarinda, Indonesia)

Abstract

The dynamics of development is driven by a sustainable economy and enjoyed by all, without exception. The reason is, the ‘welfare concept’ seems to only become a discourse and continues to invite world debate about what to do, what the right solution is, and to whom it has focused the welfare. This paper aims to analyze the effects of economic inequality, economic downturn, and economic globalization on improving economic growth and happiness. The content is concentrated on five variables by focusing on five parameters (UEDI, EDI, EGI, GDP, and HI). We compiled panel data with case studies in ASEAN-4 during the 2015-2020 period. Then, the data were processed and presented through IBM-SPSS support. It divided empirical evidence into two structures which are characterized by economic inequality having a negative effect on economic growth, but the impact of the economic downturn and economic globalization affects increasing economic growth. The increase in happiness is caused by the positive effects of economic inequality, economic downturn, economic globalization, and economic growth. The controversy about welfare has real implications for repairing economic damage in a broad perspective, so it becomes a priority.

Suggested Citation

  • Fitriadi Fitriadi & Jiuhardi Jiuhardi & Wijaya Adi, 2023. "Polemic of Economic Welfare in ASEAN-4," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 2, pages 273-290, June.
    • Handle: RePEc:nwe:eajour:y:2023:i:2:p:273-290
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    More about this item

    Keywords

    Panel Data; ASEAN-4; welfare; economic sustainability; equality;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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