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The Impact of the Great Recession on Well-Being across Europe Ten Years On: A Cluster Analysis

Author

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  • Elisabetta Croci Angelini

    (Center for Interdisciplinary Studies in Economics, Psychology and Social Sciences (CISEPS), University of Milano-Bicocca, 20126 Milan, Italy)

  • Francesco Farina

    (Centre for Investigation and Modelling of Experimental Observations (CIMEO), Sapienza University of Rome, 00161 Rome, Italy)

  • Silvia Sorana

    (COOSS Marche Onlus, 60121 Ancona, Italy)

Abstract

To evaluate variations in the well-being dimensions of European citizens, we rely upon Principal Component Analysis methodology, whereby a large set of interrelated indicators are reduced to a small number of aggregate synthetic variables. We find that the 2008 crisis impinged differently on the various dimensions of well-being. The evolution of the indicators has affected different clusters of countries in various ways. Most importantly, we observe that there has been a shift of the principal component from the poor in terms of material deprivation to the risk of poverty for the worsening conditions in the labor market.

Suggested Citation

  • Elisabetta Croci Angelini & Francesco Farina & Silvia Sorana, 2024. "The Impact of the Great Recession on Well-Being across Europe Ten Years On: A Cluster Analysis," Economies, MDPI, vol. 12(5), pages 1-17, May.
    • Handle: RePEc:gam:jecomi:v:12:y:2024:i:5:p:115-:d:1392230
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    References listed on IDEAS

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    1. Atkinson, Tony & Cantillon, Bea & Marlier, Eric & Nolan, Brian, 2002. "Social Indicators: The EU and Social Inclusion," OUP Catalogue, Oxford University Press, number 9780199253494.
    2. Igor Fedotenkov & Virmantas Kvedaras & Miguel Sanchez-Martinez, 2024. "Employment protection and labour productivity growth in the EU: skill-specific effects during and after the Great Recession," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 51(1), pages 209-262, February.
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