A new study published in the journal Economic Development and Innovation argues that the economic and social wellbeing of the population in a country are strongly linked to the level of prosperity that its economy enjoys.
The authors, based on the data from a series of national surveys and economic indicators, found that the UK outperforms its peers on two major dimensions: economic stability and economic prosperity.
“The UK has a relatively stable economy and a relatively healthy population,” says lead author Dr Anna Prentice, from the School of Business at the University of Exeter.
“This means that its economic prosperity is relatively high.
In particular, it is also relatively high for both prosperity and social capital, which is a key determinant of a country’s level of wellbeing.”
“The data shows that the country that has the highest economic prosperity and is also the most stable and prosperous is the United Kingdom,” she adds.
“So the UK is a place that people want to visit and it is a very good place to visit.”
The UK economy has improved significantly over the last few years, but this improvement does not necessarily translate into higher GDP per capita or higher employment, so the economy’s wellbeing and social cohesion are lower.
The labour market in the UK has improved substantially over the past 20 years. “
One of the key reasons is that the labour market is very stable.
The labour market in the UK has improved substantially over the past 20 years.
It has been doing so because of a combination of labour market reforms such as the introduction of universal credit, better skills training, and the introduction and expansion of the minimum wage.”
Secondly, the UK does not have a chronic unemployment problem, which means that people don’t get stuck in low-paid jobs.
Thirdly, we have strong public services.
And lastly, there is a high level of social capital in the country, which helps to maintain a relatively high level for wellbeing and wellbeing of its citizens,” Dr Prentices says.
The study found that UKs economy and social well-being are correlated to its GDP per head.
“When GDP increases, the number of jobs in the economy is high, which tends to keep people employed. “
What this means is that there is an economic boom and bust cycle that is linked to a sustained increase in GDP,” she explains.
“When GDP increases, the number of jobs in the economy is high, which tends to keep people employed.
When GDP decreases, the amount of jobs is lower, which causes more people to be unemployed.”
She concludes that the combination of strong employment, stable labour markets and good public services results in a “positive” economic climate.
Drs Prentice and Cuthbert Williams, who conducted the research as part of their doctoral research, say that their findings are of “huge importance”.
The researchers suggest that the key is in the “good governance” that is the cornerstone of a stable economy. “
However, the reasons behind this relationship may not be immediately obvious,” Dr Williams adds.
The researchers suggest that the key is in the “good governance” that is the cornerstone of a stable economy.
“We also believe that good governance may be linked to improved wellbeing,” Drs Williams and Pamper say.
“A stable and healthy economy may also facilitate social cohesion.”
Drs Pratchett and Williams conclude that the positive economic climate of the United States and the UK will remain in place as long as they are the only two countries with a stable and thriving economy.
They say that it is important to focus on the economic aspects of economic wellbeing in the context of a robust welfare state.
“For the UK to remain a relatively prosperous economy, the country needs to remain relatively stable in terms of employment and the social cohesion that it enjoys,” Dr Pratchets and Williams say. _____