Exploring the Philosophical and Conceptual Evolution of Economic Well-Being: From Antiquity to Present
DOI:
https://doi.org/10.31305/rrijm.2025.v10.n6.001Keywords:
Economic Well-Being, Development, GDP, Happiness, SustainabilityAbstract
Rich intellectual traditions dating back thousands of years provide a plethora of knowledge about the current state of the economy. The assessment of economic well-being has a lengthy history characterized by constant evolution and modification. The pursuit of measuring wealth and well-being has influenced our perception of the economy and society since the dawn of civilization and continues into contemporary times. While GDP has been the conventional metric, the efforts regarding quantifying economic well-being beyond GDP, is a reflection of our expanding knowledge of the multifaceted and complex elements that contribute to societal prosperity. Although a single metric cannot encompass all aspects of well-being, a blend of indices can yield a more all-encompassing and refined comprehension. The paper explores all such metrics providing a nuanced understanding of the evolution process. As we confront the challenges of the 21st century, the measurement of economic well-being continues to evolve reflecting changing priorities and advancing methodologies, so that nations can efficiently convert the finite resources of the planet into the prosperity of their citizens.
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