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Decision Making and Quality of Life

Andrea Vondrová and Matej Valach
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Andrea Vondrová: University of Economics in Bratislava, Faculty of National Economy, Slovakia
Matej Valach: University of Economics in Bratislava, Faculty of National Economy, Slovakia

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Abstract: Evaluation of the economic performance of countries in the globalization process and decision making on the future development required in respect of various macroeconomic analysis and forecast of the economy to take into account more and more new alternative indicators for measuring economic development. If we want to fill these needs including social conditions and quality of life in synthetic analysis, it is necessary to develop a comprehensive indicator. To create such a comprehensive indicator it must be taken into account that the approach is based on aggregation of several major indices in order to include wide range of units, which affect what indicator intends to measure (human development, quality of life, well-being, environmental sustainability respectively other quality indicators of people's lives). In this paper we describe newly established alternative measurement that take into account the quality of life and allow to aggregate results in decision-making and economic policies of selected countries and thus affect the quality of life of individuals.

Keywords: decision making; economic growth; quality of life (search for similar items in EconPapers)
Date: 2014
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