Technological progress and globalization have generated indisputable benefits, but also relevant costs, such as growing economic inequality, economic fluctuations, and financial instability. Mainstream economics has usually considered these costs as temporary, evenly distributed, and more than compensated by the gains of the phases of economic expansion. In this book, which focuses mainly (though not only) on the labor market, the authors contend that the major costs of the intensified process of creative destruction, through which economic change proceeded, have been ignored and the benefits overrated, thus incorrectly estimating the net impact of economic growth on subjective wellbeing. The book argues that the positive consequences of economic change and globalization may not compensate for the negatives, because psychological losses are felt more strongly than gains (due to loss aversion) and the costs are unequally distributed (those on low incomes disproportionately suffer more). The result is an overall reduction in wellbeing and therefore appropriate policies are necessary to allow more people to enjoy the benefits of technological progress without suffering the costs. The authors develop a comprehensive framework in which the socio-psychological context and educational level of a community determine the most suitable policies both for the short and for the long run. The book makes an invaluable contribution to the literature on economic growth and development, labor economics, the economics of wellbeing, and applications of behavioral economics. The readers that may be interested in this book are economists and other social scientists, but also general readers, since the analysis is maintained simple and accessible. University teachers can use the book for courses on economic growth and development, on labor economics, on the economics of human capital, on the economics of wellbeing, and on applications of behavioral economics.

Part of the six-volume Wellbeing: A Complete Reference Guide, this is a comprehensive look at the economics of wellbeing with coverage of history, research, policy, and practice. Examines the challenges inherent in studying and measuring wellbeing from an economic perspective Discusses strategies and interventions to improve wellbeing across the lifespan and in different settings Addresses the potential economic benefits for governments and policymakers of actively investing in initiatives to improve wellbeing, from the workplace to the home to the natural environment Emphasizes the need to strengthen the evidence base for the economics of wellbeing and improve methods for translating research into policy and practice

Economic growth is generally regarded by governments and most ordinary people as a panacea for all problems, including issues caused by the COVID pandemic. But this raises an important question: is further growth in advanced economies able to increase well-being once people’s basic subsistence needs are met? Some advanced market economies, e.g. the United States, have exhibited a decline in well-being, both subjectively and objectively measured, over several decades despite seeing economic growth during the same period. This book provides an original and comprehensive explanation: economic growth, as driven by market forces, induces people, through both the demand- and supply-side channels, to pursue command over more material resources, and this weakens the self-generation of capabilities, putting well-being at risk of deterioration. The book argues, with the support of a variety of evidence, that the challenge can be overcome if governments’ policies and people’s choices pursue, as their ultimate goal, ‘fundamental human development’ on an evolutionary basis: the development of the capability of a typical person to conceive and share with others new purposes, to pursue them individually or collectively, and thus to contribute to building human culture. If such human development is prioritised, it makes people satisfied with their lives and resistant to adverse shocks, and it can even shape the pattern of economic growth. By contrast, if economic growth is prioritised, it tends to weaken and impoverish fundamental human development, and consequently people’s well-being and social cohesion. With this volume, readers will find an answer to a problem that is both urgent and long-term, both individual and societal. The work makes a substantial contribution to the literature on wellbeing, the economics of happiness, human capital and growth, and the capability approach.

The purpose of this volume, bringing together key actors of the well-being community, including scholars and policy-makers, is to advance the understanding and undertaking of the well-being transition away from growth and toward resilience and sustainability, at a time when this progress has become a vital necessity. A decade after the publication of the Stiglitz Report (2009), alternative visions to GDP and growth, that flourished in the 1970s, have re-emerged from all corners of the world, at all levels of governance. Yet, GDP and growth remain very much dominant in defining public policies, influencing businesses and shaping imaginaries. This book moves forward on two urgent tasks that stand before us in order to make progress in the well-being transition: first, connecting well-being to sustainability in a consistent framework highlighting their complementarity, using health as a pivot; second, operationalizing well-being indicators, i.e. integrating them into policy at all levels of governance.

This book presents a detailed and critical discussion about how human wellbeing can be maintained and improved in a postgrowth era. It highlights the close links between economic growth, market capitalism, and the welfare state demonstrating that, in many ways, wellbeing outcomes currently depend on the growth paradigm. Here the authors argue that notions of basic human needs deserve greater emphasis in debates on postgrowth because they are more compatible with limits to growth. Drawing on theories of social practices, the book explores structural barriers to transitions to a postgrowth society, and ends with suggestions for policies and institutions that could support wellbeing in the context of postgrowth. This thought-provoking work makes a valuable contribution to debates surrounding climate change, sustainability, welfare states and inequality and will appeal to students and scholars of social policy, sociology, political science, economics, political ecology and human geography.

Wellbeing: Policy and Practice details the contemporary research evidence base for health and wellbeing within the global context. The concept of wellbeing is currently being explored globally, with policy makers debating how to use and measure wellbeing beyond the traditional means that focus upon material and economic indicators. This book looks at the contemporary research evidence base and discusses how this improved knowledge can be applied to both healthcare policy and practice. It explores and analyses the many different but inter-facing arguments around wellbeing and its relevance in the modern world. Written by a multi-professional group of health and wellbeing academics who have extensive national and international experience across the statutory and non-statutory sectors, the book is essential reading for healthcare professionals and policy makers looking for a comprehensive and up-to-date summary of the latest research and practice in the field of wellbeing.

Sustainable economic growth is important due to its implications for the ecosystem, natural resources, and human development. Public health is also a key factor in developing a sustainable economy, and it is a national asset because of its impact on labor supply and productivity. Health conditions depend on various factors, such as environmental hazards, availability of public facilities, economic conditions, pandemics etc. Green energy has an association with health, as it guarantees a clean environment. Such measures are necessary to improve the public’s mental and physical health, leading to sustainable economic growth. Hence, green energy, governance, and health are the potential avenues to enhance public health, promoting sustainable economic growth.

Workers experience an increasingly uncertain future and many have been forced to search for jobs in a highly competitive market. In this volume, we call upon the field's leading researchers to examine how economic conditions relate to occupational stress and well being.

In the era of Industry 5.0, the world faces a critical juncture where technological advancement collides with escalating socio-environmental challenges. Climate change, energy consumption, and threats to public health are exacerbated by the rapid embrace of Industry 4.0 technologies. As businesses pursue efficiency, the compromise on human and social sustainability becomes inevitable. The need for a holistic approach to sustainable development is urgent, where economic growth aligns seamlessly with environmental, social, and human well-being. Eco-Innovation and Sustainable Development in Industry 5.0 serves as a guide in the pursuit of sustainable development within Industry 5.0. This book dissects the intricate challenges posed by socio-environmental issues and seamlessly offers a multidisciplinary approach to achieving sustainable development goals. The detrimental impact of Industry 4.0 on sustainable development necessitates the paradigm shift proposed within the book. Economic pursuits can no longer overshadow the crucial pillars of human, social, and environmental sustainability. The delicate balance required for a sustainable future is at risk, demanding a multidisciplinary approach to reconcile these seemingly conflicting objectives. This book is a call to action, to bridge the knowledge gap and provide tangible solutions for achieving sustainability in Industry 5.0.