ECONOMIC GROWTH AND DEVELOPMENT, PROMOTERS OF NATIONAL WELL-BEING

Loredana Andreea Cristea, Alina Daniela Voda and Dragos Mihai Ungureanu
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Loredana Andreea Cristea: Lucian Blaga University of Sibiu
Alina Daniela Voda: Lucian Blaga University of Sibiu
Dragos Mihai Ungureanu: Spiru Haret University of Bucharest

Revista Economica, 2021, vol. 73, issue Special, 86-99

Abstract: The main objective of economic development and economic growth is to implement national policies that can serve the multidimensional problems of society, but also to assess the possible effects that the implemented policies will have on the prospects of progressivity. The main purpose of this paper is to highlight the fact that the general well-being of the population is perfectly intertwined with the objectives of growth and economic development, being a timely topic to address in this research. Development does not only involve GDP growth, but also exceeds this level, towards a qualitative change in society's plans, which translates into ensuring the well-being of the population. This research aims to highlight the fact that economic development is the expansion beyond the gross domestic product, through changes that refer to people's quality of life, in the long run and in which the elements characteristic of economic growth become fundamental elements of development. In this context, this research will delineate the policies needed to ensure development, in parallel with a growing economic level, considering that not only income-based fiscal policies are needed, but also subjective population-centred policies that take into account, not only economic but also social conditions, which contribute to the quality of life. The methodology was based on the study of specialized literature, so that the research results to end with a comprehensive definition of the well-being of society. Through this qualitative research, this paper adds value to the literature, highlighting the fact that growth and development are promoters of well-being.

Keywords: economic growth; beyond GDP; development; well-being; welfare (search for similar items in EconPapers)
JEL-codes: D60 I31 O10 (search for similar items in EconPapers)
Date: 2021
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