Uncovering the Interplay Between Social Welfare Preferences and Society 5.0 Achievement: Implications for Sustainable Development

Liashenko Oksana and Dluhopolskyi Oleksandr ()
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Liashenko Oksana: Faculty of Economic Sciences and Entrepreneurship, Universidad de Sevilla, Seville, Spain
Dluhopolskyi Oleksandr: Faculty of Economics and Management, West Ukrainian National University, Ternopil, Ukraine

Economics, 2024, vol. 12, issue 1, 175-197

Abstract: The paper delves into the concept of Society 5.0, which envisions a future society integrating advanced technologies with human-centred values to address current social challenges. It emphasizes the importance of aligning advanced technologies with human-centred values and social preferences to ensure the success and sustainability of Society 5.0. We offer comprehensive insights into the complex interplay between social welfare preferences and societal progress, emphasizing the significance of understanding and addressing societal preferences to foster inclusive, sustainable, and efficient societies aligned with the objectives of Society 5.0. The findings provide valuable guidance for policymakers and stakeholders in developing targeted interventions and policies that address critical societal challenges and foster progress across various well-being dimensions. The study emphasizes the importance of considering social preferences in the development of Society 5.0 and highlights the need for a holistic approach that integrates social preferences into the development framework. The study unveils that economic success does not guarantee societal advancement, as the array of social preferences reflecting the diversity of SWP impacts a country’s trajectory towards Society 5.0. By combining theoretical and empirical methodologies, we offer robust qualitative and quantitative insights for crafting optimal policies across different scenarios of individual SWPs and their effects on achieving social progress

Keywords: society 5.0; preference; welfare; heterogeneity; social progress; development (search for similar items in EconPapers)
JEL-codes: H55 I30 P51 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:econom:v:12:y:2024:i:1:p:175-197:n:9

DOI: 10.2478/eoik-2024-0009

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