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The Great Recession of 2008 from the Subjective Well-being Perspective: Implication for Policy-making in the EU Countries

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  • Kopečný Ondřej

    (Charles University in Prague, Faculty of Social Sciences, Prague, Czech Republic .)

Abstract

Literature review implies that despite the Great Recession of 2008 the economic policy paradigm continues to prevail in assessing and measuring the well-being in the EU countries. This means that the institutional goals and the follow-up policies also tend to favor economic over non-economic objectives. This paper examines to what extent the Great Recession has increased or decreased the influence of economic factors on subjective well-being and the implications for policy-making. Regression analysis of subjective well-being data from 2006, 2011, and 2016 from 16 countries from the European Union shows that the influence of economic factors on subjective well-being is stronger than before the Great Recession in the majority of the analyzed countries. It has also revealed that satisfaction with one’s standard of living is a much stronger predictor of subjective well-being than the overall economic situation.

Suggested Citation

  • Kopečný Ondřej, 2022. "The Great Recession of 2008 from the Subjective Well-being Perspective: Implication for Policy-making in the EU Countries," NISPAcee Journal of Public Administration and Policy, Sciendo, vol. 15(2), pages 71-100, December.
    • Handle: RePEc:vrs:njopap:v:15:y:2022:i:2:p:71-100:n:6
    DOI: 10.2478/nispa-2022-0014
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