Role of economic, and social parameters affecting life satisfaction and happiness during pre and post Covid era: a study with Marx’s perspective

Yun Su and Azizan Sabjan Muhammad

Economic Research-Ekonomska Istraživanja, 2023, vol. 36, issue 1, 2166970

Abstract: A cognitive, objective, and subjective evaluation of the judgment of one's perspective of looking at life defines as life satisfaction and happiness. There is a strong association between life satisfaction, joy, and external parameters, including environmental and socioeconomic factors and green innovation technologies. Marx's theory on life satisfaction provides an exciting insight and defines that economic resources are necessary to live comfortably. The core objective of this paper is to examine the effects of contributing parameters concerning life satisfaction and happiness (LSH) in China from 2005 to 2020. For this purpose, data collected for the dependent variable collect World Happiness Index and World Bank official website. Nine independent variables related to LSH discuss freedom to make life choices (FMLC); GDP growth; Social contribution (SC); Employment rate (ER); Social support (SS); Innovation and development (ID); Life expectancy (LE); Coverage of social safety (CSS); High qualification (HQ). The maximum LSH value is 5.77, with a mean value of 5.13. The highest coefficient correlation value with LSH is CO2, with a positive correlation coefficient value of 0.80, followed by GDPG, with a negative coefficient value of 0.80. PC1 explains 76.74% of results, whereas MLR produces 0.91 R2 (p-value: 0.093, Residual standard error: 0.181). There is a need to understand correlates and determinants in further detail to set up a framework that enables policy-makers to incorporate well-being and life satisfaction measures in carving new public policies.

Date: 2023
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DOI: 10.1080/1331677X.2023.2166970

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