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The cyclical component of GDP and life satisfaction: The impact of the Mediterranean welfare system

Author

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  • Thomas Rudolf Wiese

    (Corvinus University of Budapest, Faculty of Economics, Budapest, Hungary)

Abstract

The study of happiness and economics indicates a paradox: rising income has not led to increases in long term levels of life satisfaction. Evidence shows that citizens adapt to the growth of GDP, but an important difference among certain countries in connection with life satisfaction and the deviation from trend growth has been found: Spain, Italy, Portugal and Greece adapt to the trend growth of their economies; other European countries, however, do not. This suggests that some characteristics of their welfare state, such as the inability to create sufficient equity might leave their citizens more dependent on economic variables such as rising income. Only in boom times can the young, uneducated or the elderly find access to the otherwise restricted labor market and have a chance to escape the poverty trap. In this regard the paper places special emphasis on the issue of global competition by linking the subject with the current state of the European Union.

Suggested Citation

  • Thomas Rudolf Wiese, 2014. "The cyclical component of GDP and life satisfaction: The impact of the Mediterranean welfare system," Society and Economy, Akadémiai Kiadó, Hungary, vol. 36(4), pages 529-542, December.
    • Handle: RePEc:aka:soceco:v:36:y:2014:i:4:p:529-542
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    Cited by:

    1. Mansi Jain & Gagan Deep Sharma & Mandeep Mahendru, 2019. "Can I Sustain My Happiness? A Review, Critique and Research Agenda for Economics of Happiness," Sustainability, MDPI, vol. 11(22), pages 1-36, November.
    2. Ioana CIORBAGIU, 2021. "Influences and spatial effects on subjective well-being," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(1(626), S), pages 23-42, Spring.
    3. Zhijie Guan & Yue Zhang & Ip Ping Sheong Jim Kwee Fat, 2021. "Trade Relations Between Mauritius and China: A Gravity Model Approach," SAGE Open, , vol. 11(4), pages 21582440211, November.

    More about this item

    Keywords

    happiness; growth; adaptation; European social welfare systems;
    All these keywords.

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs

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