“Beyond GDP” Effects on National Subjective Well-Being of OECD Countries

Some authors claim that maximizing subjective well-being is a more meaningful social objective than maximizing GDP and that other factors beyond income play a major role in defining well-being. In this work, we study two issues connected with this claim, looking at the context of OECD member countries. We look at the crowded category of proposed, “beyond GDP” policy-controlled factors, searching for evidence that some might be major determinants of national average subjective well-being. We also seek to compare any such effect with that of GDP, in order to evaluate if these factors have a better chance of leading to a maximization of well-being than GDP itself. In our analyses, we make use of partial order methods that have been rarely applied to this field of study. They seem particularly appropriate to the case, as well-being and its components are generally theorized as strongly multidimensional while standard modeling strategies require a great deal of compromise when working with many potential regressors and non-trivial levels of multicollinearity.