Beyond GDP: The quest for a measure of social welfare. Part II

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Abstract

The second part of the paper is devoted to the non-monetary indicators of social welfare. Various approaches to the study of subjective well-being and happiness are described. The author shows what problems a researcher would encounter trying to analyze welfare on the micro-level and to take account of the cognitive and affective aspects of the individuals assessment of their well-being, as well as the relevance of social relations. The author also shows to what extent the alternative approaches, particularly the analysis of functionings and capabilities advanced by A. Sen are compatible to the modern welfare economics and what prospects the latter has.

Original languageEnglish (US)
Pages (from-to)32-51
Number of pages20
JournalVoprosy Ekonomiki
Volume2012
Issue number3
DOIs
StatePublished - Jan 1 2012
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

Keywords

  • Capabilities
  • Functionings
  • GDP alternatives
  • Happiness studies
  • Subjective well-being

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