Summary of Striking a Balance Between Well-Being and Growth

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Rating

7 Overall

8 Importance

7 Innovation

7 Style


Recommendation

Government leaders should improve their citizens’ living standards to achieve economic advancement and support financial resilience. So say Boston Consulting Group professionals in the 2018 edition of the Sustainable Economic Development Assessment. The researchers present evidence of a “virtuous cycle of well-being and growth” and shed light on the high-impact policies that can transform national income into social good. getAbstract recommends this dense but pertinent study to policy makers and analysts looking for ways to energize domestic growth.

In this summary, you will learn

  • Why the relationship between wealth and well-being is important,
  • What areas of social welfare the 2018 Sustainable Economic Development Assessment (SEDA) tests, and
  • Which nations ranked highest and lowest in turning national income into individual well-being. 
 

About the Authors

Joao Hrotko et al. are professionals with the Boston Consulting Group.

 

Summary

The objective of public policy is to promote the well-being of individuals. But many observers believe that doing so comes at the cost of economic growth. The 2018 Sustainable Economic Development Assessment (SEDA) tests this assumption: It rates 152 countries on their success at “converting wealth into well-being” from 2007 through 2016. The appraisal covers 10 areas concerned with quality of life and grouped into three sections: “economics,” including income, economic stability and employment; “investments” in health, education and infrastructure; and “sustainability” of equality, civil society, governance and the environment. Aggregated rankings yield a country score, relative to gross national income, that determines a “wealth-to-well-being coefficient.” Nations with coefficients of one or higher are doing a good or better job of sustainable development. Countries with coefficients of less than one have some work to do.          


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