Wellbeing : an economics perspective

Abstract

This chapter examines the study of wellbeing within the discipline of Economics, arguing that the ultimate purpose of economic enquiry is precisely the question of how to maximise societal welfare given scarce resources. The chapter focuses on some of the methods typically employed in Economics to measure wellbeing and to investigate the factors that determine it. It makes reference to some data sources that may be useful for research projects, as well as to data-collection methods that may be employed when secondary data is not readily available. The chapter also highlights some of the main findings from research in the field, together with policy recommendations that have emerged. Juxtaposing this research against some of the trends and evidence emerging from a European Union country (Malta), the chapter then carves out an agenda for economic research on social wellbeing, while also discussing some of the limitations of research in the field.