Economic Versus Non-Economic Dimensions of the Well-Being of Nations

Dimensions of the well-Being of nations Economic research on what determines the well-being of nations is one of the most active inquiries. Yet, while tremendous progress has been made with respect to the effects of economic factors and forces on the well-being of nations, both economic theory and practice continue to treat lightly non-economic determinants of well-being across countries. The overemphasis on economic factors and forces is troubling as it leaves a knowledge gap in understanding and advancing effective policy. This little book identifies indirect measures of non- economic determinants, and estimates their effects on the well-being of nations. Measuring well-being by the human development index, analysis reveals important relationships between well-being and investment in physical capital, national symbols, national identity, and even holidays - relationships that represent economic and non-economic dimensions of the well-being of nations. In the end, the book makes a significant contribution to both policy and further research.