National wealth and the subjective well-being of nations
This chapter explores links between national wealth and subjective well-being (SWB) at the macro-level for a sample of 26 OECD countries in 2005. The national wealth data have been developed in the context of the debate on sustainability. They are from two alternative sources. After discussing major...
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| Veröffentlicht in: | Wealth(s) and subjective well-being |
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| Format: | UnknownFormat |
| Sprache: | eng |
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2019
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Tag hinzufügen | Zusammenfassung: | This chapter explores links between national wealth and subjective well-being (SWB) at the macro-level for a sample of 26 OECD countries in 2005. The national wealth data have been developed in the context of the debate on sustainability. They are from two alternative sources. After discussing major features of the two wealth datasets, it is shown that combining them can overcome previously reported anomalous findings for some OECD countries, but only if a major assumption made in the construction of one of them is rejected. The main part of the empirical analysis focusses on correlations and regressions. Nonlinearities are particularly important in the case of natural capital. Several non-monetary social and institutional context variables, i.e. trust and the perception of freedom, have higher correlations with the two SWB variables used than do most of the wealth variables measured in monetary terms. The multivariate regressions reveal that national wealth and two of its subcategories (i.e. produced capital and human capital) from one of the datasets are strong determinants of SWB. Results for other wealth variables are more mixed. They sometimes depend on which SWB variable is used. Natural capital is not statistically significant in any of the multivariate regressions (although it is in bivariate regressions). The estimates reconfirm the importance of trust and, in particular, of the perception of freedom. These variables explain more of the cross-country variation in mean SWB than do the monetary wealth variables and GDP. Possible extensions of the research reported in this chapter are also discussed. |
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| ISBN: | 9783030055349 3030055345 |