The Impact of the Great Recession on Well-Being across Europe Ten Years On: A Cluster Analysis

Elisabetta Croci Angelini, Francesco Farina and Silvia Sorana
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Francesco Farina: Centre for Investigation and Modelling of Experimental Observations (CIMEO), Sapienza University of Rome, 00161 Rome, Italy
Silvia Sorana: COOSS Marche Onlus, 60121 Ancona, Italy

Economies, 2024, vol. 12, issue 5, 1-17

Abstract: To evaluate variations in the well-being dimensions of European citizens, we rely upon Principal Component Analysis methodology, whereby a large set of interrelated indicators are reduced to a small number of aggregate synthetic variables. We find that the 2008 crisis impinged differently on the various dimensions of well-being. The evolution of the indicators has affected different clusters of countries in various ways. Most importantly, we observe that there has been a shift of the principal component from the poor in terms of material deprivation to the risk of poverty for the worsening conditions in the labor market.

Keywords: European Union; Great Recession; well-being; Principal Component Analysis (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2024
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