An Alternative Index Study in Determining the Level of Socio-Economic Well-Being: Evidence from the G-20 Countries with ARAS Method

The level of well-being is important in terms of monitoring macro-level progress and determining the necessary strategies. Although economic factors are the focus of the well-being level assessment, an increase in concerns about social issues such as equality, health, safety, and quality life, along with the crises, reveals the need to consider social indicators in this valuation. Currently, there are many indices developed such as the Human Development Index and the World Happiness Index. Although the indicators of each index differ, it is seen that subjects such as “healthy and long life”, “education”, “gender equality”, “standard of living”, “labor force” come to the fore. In this study, in addition to these areas, indicators on the dimensions of "business environment", "communication infrastructure", "defense" and "population" are included. In terms of the scope of the focus area of each index, an index has been developed that can be an alternative to multidimensional, socio-economic well-being level indices in terms of representing all. To test the effectiveness of this index, an application has been made on the G-20 countries using the ARAS method and the countries that stand out in terms of socio-economic well-being level are listed. Comparing the findings with the related indices, similar results were observed. According to the results, it has been determined that Australia, Canada, America, Germany, and England are the countries with the highest socio-economic well-being level. However, Turkey, South Africa, Indonesia, Brazil, and India are located in the last row.