The WELLBY: a new measure of social value and progress

Paul Frijters, Christian Krekel, Raul Sanchis and Ziggi Ivan Santini

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: We introduce the WELLBY, a new measure of social value and progress, which can contribute to the assessment of progress towards the wellbeing economy and steer towards activities with the most wellbeing per financial resources invested. After providing a short rationale for the WELLBY, we give a definition and an overview of its properties. We then show how WELLBYs can help decision-makers with ex-ante policy appraisals, and deliver a practical example on a youth traineeship programme. We also discuss how coefficients from ex-post wellbeing policy evaluations are now being collected as part of social value banks around the world, feeding into future appraisals. Finally, we illustrate how WELLBYs can be used to measure social progress overall, going beyond GDP.

Keywords: WELLBY; wellbeing-years; social value; welfare; policy appraisal and evaluation; social value banks; beyond GDP; REf fund (search for similar items in EconPapers)
JEL-codes: N0 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2024-06-08
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Published in Humanities and Social Sciences Communications, 8, June, 2024, 11. ISSN: 2662-9992

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http://eprints.lse.ac.uk/123746/ Open access version. (application/pdf)

Related works:
Journal Article: The WELLBY: a new measure of social value and progress (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:123746

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