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The Empirics of Social Progress: The Interplay between Subjective Well-Being and Societal Performance

Author(s)
Fehder, Daniel Colin; Porter, Michael S.; Stern, Scott
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Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.
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Abstract
Though economists have long recognized that GDP is not by itself a measure of societal well-being, most GDP alternatives incorporate direct measures of economic performance. We propose instead an independently constructed measure, a social progress index, focusing exclusively on noneconomic dimensions of societal performance, highlighting three core dimensions—basic human needs, foundations of well-being, and opportunity. GDP and social progress are correlated but distinct, the social progress dimension least related to GDP (opportunity) is strongly related to subjective well-being, and the relationship between social progress and well-being is greater for individuals at lower relative income and educational attainment.
Date issued
2018-05
URI
http://hdl.handle.net/1721.1/121082
Department
Sloan School of Management
Journal
AEA Papers and Proceedings
Publisher
American Economic Association
Citation
Fehder, Daniel, Michael Porter, and Scott Stern. “The Empirics of Social Progress: The Interplay Between Subjective Well-Being and Societal Performance.” AEA Papers and Proceedings 108 (2018): 477–82.
Version: Final published version
ISSN
2574-0768

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