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The economy of well-being: Creating opportunities for people’s well-being and economic growth

Author

Listed:
  • Ana Llena-Nozal

    (OECD)

  • Neil Martin

    (OECD)

  • Fabrice Murtin

    (OECD)

Abstract

As well-being has matured as a statistical and measurement agenda, it has become increasingly relevant as a “compass” for policy, with a growing number of countries using well-being metrics to guide decision-making and inform budgetary processes. One remaining challenge has consisted in providing policy-makers with a better understanding of the linkages between the drivers of well-being and economic growth. This paper develops the concept of an “Economy of Well-being” as a basis for highlighting these linkages and showing how policy can most effectively leverage them. The paper defines an economy of well-being around the idea of a “virtuous circle” in which individual well-being and long-term economic growth are mutually reinforcing. It also explores the characteristics of an economy of well-being and the conditions under which it can be sustained. Secondly, based on a survey of existing empirical evidence, the paper contributes to outline how economies of well-being can be built. It provides analysis of several important channels through which economic growth and well-being support and reinforce one another, focusing on the multidimensional impact of policies in four areas that research has shown to be important for well-being: Education and Skills; Health; Social Protection and Redistribution; and Gender Equality.

Suggested Citation

  • Ana Llena-Nozal & Neil Martin & Fabrice Murtin, 2019. "The economy of well-being: Creating opportunities for people’s well-being and economic growth," OECD Statistics Working Papers 2019/02, OECD Publishing.
    • Handle: RePEc:oec:stdaaa:2019/02-en
    DOI: 10.1787/498e9bc7-en
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    Cited by:

    1. Daria Denti & Alessandro Crociata & Alessandra Faggian, 2023. "Knocking on Hell’s door: dismantling hate with cultural consumption," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(2), pages 303-349, June.
    2. Amirreza Kazemikhasragh & Marianna Vanessa Buoni Pineda, 2022. "Financial inclusion and education: An empirical study of financial inclusion in the face of the pandemic emergency due to Covid‐19 in Latin America and the Caribbean," Review of Development Economics, Wiley Blackwell, vol. 26(3), pages 1785-1797, August.
    3. George H. Ionescu & Daniela Firoiu & Anca Tănasie & Tudor Sorin & Ramona Pîrvu & Alina Manta, 2020. "Assessing the Achievement of the SDG Targets for Health and Well-Being at EU Level by 2030," Sustainability, MDPI, vol. 12(14), pages 1-38, July.
    4. Anand, Paul & Blanchflower, Danny & Bovens, Luc & De Neve, Jan-Emmanuel & Graham, Carol & Nolan, Brian & Krekel, Christian & Thoma, Johanna, 2020. "Post-Covid 19 economic development and policy: submitted as recommendations to the Scottish economic recovery group," LSE Research Online Documents on Economics 105023, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    equality of opportunity; multidimensional analysis; policy linkages; social investment; well-being;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs

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