Karadjova, Vera (2019) STANDARD OF LIVING, QUALITY OF LIFE AND HAPPINESS SCORE AS INDICATORS OF ECONOMIC DEVELOPMENT. In: Eight International Scientific Conference “Employment, Education and Entrepreneurship” (EEE 2019).

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The paper intends to put into correlation the basic indicators that determine the level of economic growth and development: GDP, quality of life, and happiness score. Although the economic categories of quality of life, happiness score, as well as general well-being and living standards of the population are close and related, emerging or performing one from another, they are certainly not identical categories. In this sense, the paper has a goal to present basic similarities and differences between them and to put them in a correlative relationship, in the same time correlating them with GDP per capita as a basic indicator of the level of economic development.
Starting from the basic premise of the economy as a science (oikonomia - oikos, "household"; and nomos, “law,” or “custom”, all together “Household Management” or Management of State”), that is, to manage limited resources in order to meet unlimited human needs, the question that arises is when people feel
well, have a feeling that they have "quality" life, and when they feel happy.
Although these categories depend on a huge number of economic variables and are closely related to the level of economic development and the scale and scope of meeting different needs, they still have a strong expression of a subjective experience and are also determined by other non-economic factors (psychological, sociological, philosophical, cultural, etc.). On the other hand, the distinction between growth and development of a defined economic space must be taken into account. The basic indicator used to measure economic growth is undoubtedly the GDP and GDP per capita. But one has to take into account the distinction between quantitative growth and qualitative development, whereby GDP is an indicator of
growth. Development is a broader concept that covers growth, but also technological and any other kind of advancement of the social community. Development as a qualitative feature means the advancement of the qualitative characteristics of society and the well-being of individuals, and the well-being is not only the increase of GDP, but the subjective sense of the people in the community that they live better, a sense
of improving the quality of life.
Despite the complexity of all these terms, the paper is attempted to set them in an interdependent relation to the example of the 20 most developed economies, in order to be noted the current correlations of the basically set economic categories, without the intention that it will be a universally set rule that would be valid at any time and in any space.
Keywords: economic development, standard of living, GDP per capita, quality of life, happiness score, welfare, correlation

Item Type: Conference or Workshop Item (Paper)
Subjects: Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions: Faculty of Tourism and Hospitality
Depositing User: Mr Bojan Sekulovski
Date Deposited: 05 Dec 2019 13:51
Last Modified: 05 Dec 2019 13:51

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