The Great Recession of 2008 from the Subjective Well-being Perspective: Implication for Policy-making in the EU Countries

Kopečný Ondřej
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Kopečný Ondřej: Charles University in Prague, Faculty of Social Sciences, Prague, Czech Republic.

NISPAcee Journal of Public Administration and Policy, 2022, vol. 15, issue 2, 71-100

Abstract: Literature review implies that despite the Great Recession of 2008 the economic policy paradigm continues to prevail in assessing and measuring the well-being in the EU countries. This means that the institutional goals and the follow-up policies also tend to favor economic over non-economic objectives. This paper examines to what extent the Great Recession has increased or decreased the influence of economic factors on subjective well-being and the implications for policy-making. Regression analysis of subjective well-being data from 2006, 2011, and 2016 from 16 countries from the European Union shows that the influence of economic factors on subjective well-being is stronger than before the Great Recession in the majority of the analyzed countries. It has also revealed that satisfaction with one’s standard of living is a much stronger predictor of subjective well-being than the overall economic situation.

Keywords: subjective well-being; Great Recession; subjective indicators; capability approach; institutional change (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:njopap:v:15:y:2022:i:2:p:71-100:n:6

DOI: 10.2478/nispa-2022-0014

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