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<p>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.</p>
</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.

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

NISPAcee Journal of Public Administration and Policy

This work is licensed under the Creative Commons Attribution 4.0 International License.

Literature review implies that despite the Great Recession of 2008 the economic policy paradigm continues to prevail in assessing and measuring the well-being...

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

Published Online: Dec 07, 2022

Page range: 71 - 100

DOI: https://doi.org/10.2478/nispa-2022-0014

Keywords
subjective well-being, Great Recession, subjective indicators, capability approach, institutional change

© 2022 Ondřej Kopečný, published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

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

Published Online: Dec 07, 2022

Page range: 71 - 100

DOI: https://doi.org/10.2478/nispa-2022-0014

Keywordssubjective well-being, Great Recession, subjective indicators, capability approach, institutional change

© 2022 Ondřej Kopečný, published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
subjective well-being, Great Recession, subjective indicators, capability approach, institutional change