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Europe 2020 strategy: a strategy for which type of growth?

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  • Ángeles Sánchez-Domínguez

    ()
    (Departament of Applied Economics, University of Granada, Spain.)

  • Maria J. Ruiz Martos

    ()
    (Department of Foundations of Economic Analysis. Universitat Jaume I, Spain.)

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    Abstract

    This paper constructs an index that synthesizes the eight targets of the EU 2020 Strategy into a one-dimensional target –EU 2020 synthetic target- and the situation of each EU28 Member States (the current 27 Members plus Croatia) in 2011 with respect to them –2011 synthetic situation-. Hence we can measure the distance of each EU Member State synthetic situation in 2011 to the EU 2020 synthetic target. We find that none of the Member States meets the EU 2020 synthetic target, Denmark is the closest and Malta is the furthest to it. In fact we could identify clusters of Member States in terms of the distances to the EU 2020 synthetic target: the North EU region is closer to and the Mediterranean region is further away from it. We extent the distance analysis above by adding three inequality targets -income distribution, female employment and child poverty- and find that all of the Member States increase their distance between their 2011 synthetic inequality-extended situation and the 2020 inequality-extended targeted situation. Finally, we want to analyse each Member State’s relationship between its objective position regarding the EU 2020 synthetic target and its life satisfaction level, inhabitants’ subjective position. Through a multivariate regression methodology, we analyse how much of the total effect of the synthetic index on life satisfaction is direct, and how much is mediated. The mediation analysis shows that a substantial part of the effect of the synthetic index on life satisfaction is mediated by the GDP per capita. These results are in line with recent views in human development and well-being research. That is, the GDP per capita is only a means to achieve socioeconomic progress, not the end.

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    File URL: http://www.ugr.es/~teoriahe/RePEc/gra/wpaper/thepapers13_11.pdf
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    Bibliographic Info

    Paper provided by Department of Economic Theory and Economic History of the University of Granada. in its series ThE Papers with number 13/11.

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    Length: 25 pages
    Date of creation: 02 Dec 2013
    Date of revision:
    Handle: RePEc:gra:wpaper:13/11

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    Related research

    Keywords: Inequality; Composite Index; Mediation Analysis; Crisis; Life Satisfaction; Human Development;

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    References

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    1. Pilar Zarzosa Espina & Noelia Somarriba Arechavala, 2013. "An Assessment of Social Welfare in Spain: Territorial Analysis Using a Synthetic Welfare Indicator," Social Indicators Research, Springer, vol. 111(1), pages 1-23, March.
    2. Easterlin, Richard A., 1995. "Will raising the incomes of all increase the happiness of all?," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 35-47, June.
    3. Iñaki Permanyer, 2011. "Assessing The Robustness Of Composite Indices Rankings," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 57(2), pages 306-326, 06.
    4. Laurens Cherchye & Erwin Oghe & Tom Van Puyenbroeck, 2005. "Robust human development rankings," Public Economics Working Paper Series ces0516, Katholieke Universiteit Leuven, Centrum voor Economische Studiën, Working Group Public Economics.
    5. Carmen Herrero & Ricardo Martínez & Antonio Villar, 2012. "A Newer Human Development Index," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 13(2), pages 247-268, May.
    6. Suman Seth, 2009. "Inequality, Interactions, and Human Development," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 10(3), pages 375-396.
    7. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    8. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
    9. Frederik Booysen, 2002. "An Overview and Evaluation of Composite Indices of Development," Social Indicators Research, Springer, vol. 59(2), pages 115-151, August.
    10. José-María Montero & Coro Chasco & Beatriz Larraz, 2010. "Building an environmental quality index for a big city: a spatial interpolation approach combined with a distance indicator," Journal of Geographical Systems, Springer, vol. 12(4), pages 435-459, December.
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