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Government Effectiveness, Education, Economic Development And Well-Being: Analysis Of European Countries In Comparison With The United States And Canada, 2000-2007

  • Guisan, M.C.

    ()

In this article we present an econometric analysis of the relationship between several indicators of economic development and wellbeing in Europe, the United States and Canada. We calculate a compound index of several indicators based on three groups: 1) Life satisfaction and income per capita, 2) governance indicators based on World Bank, including Voice and Accounting Index and Government Effectiveness Index, and 3) Educational indicators, including public education expenditure per capita and average total years of schooling, The most outstanding countries in the overall index are Norway, Denmark, Sweden, the United States, Austria, Ireland, Switzerland, Canada, Finland, Netherlands, and the United Kingdom. The three groups of indicators are highly correlated in several ways, due to the important positive effects of education on economic development and governance effectiveness, as well as to the positive effects of the “Voice and Accounting” index on “Governance Effectiveness”, and the importance of the latter for economic development, as it is shown in the estimated econometric models.

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Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 9 (2009)
Issue (Month): 1 ()
Pages:

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Handle: RePEc:eaa:aeinde:v:9:y:2009:i:1_4
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  1. Andrew Sharpe, 1999. "A Survey of Indicators of Economic and Social Well-being," CSLS Research Reports 99wb, Centre for the Study of Living Standards.
  2. Guisan, M.Carmen & Frias, Isidro, 1996. "Economic growth and social welfare in the European regions," Economic Development 9, University of Santiago de Compostela. Faculty of Economics and Business. Econometrics..
  3. Lee, Jong-Wha & Barro, Robert J, 2001. "Schooling Quality in a Cross-Section of Countries," Economica, London School of Economics and Political Science, vol. 68(272), pages 465-88, November.
  4. Guisan, M.Carmen & Cancelo, M.Teresa, 2001. "Economic Development in OECD Countries during the 20th Century," Economic Development 49, University of Santiago de Compostela. Faculty of Economics and Business. Econometrics..
  5. GUISAN, Carmen & Neira, Isabel, 2006. "Direct and Indirect Effects of Human Capital on World Development, 1960-2004," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 6(1), pages 17-34.
  6. Portela, Marta & Neira, Isabel, 2002. "Capital Social: Concepto y Estudio Econometrico sobre el Capital Social en España," Estudios Economicos de Desarrollo Internacional, Euro-American Association of Economic Development, vol. 2(2).
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