Do you agree that a wealthy country is one with full employment? Or should we use other standards?
This question is complicated one I believe because it is interpretive in two parts, first in what constitutes wealth, and second in deciding whether full employment is a necessary component of a wealthy nation. Full employment is an economics term through and through. So then, using an economics standard, is a country considered wealthy because it has attained full employment? Keeping a macroeconomics perspective I would say that full employment is a necessary factor for a wealthy country. In the long run full employment better assures that a country will maintain its wealth. The problem with taking the macroeconomics perspective is that the definition and distribution of wealth is not fully explored. As we discussed in class, wealth can be measured beyond material possessions/economic resources, take for example the country of Bhutan. Instead of using a GDP, Bhutan measures its wealth by Gross Domestic Happiness, a measurement meant to reflect the values and intents of Bhutanese culture and government. Distribution of wealth is another issue. Is a nation with 15 millionaires and 15 million below the poverty line really a wealthy nation? For me the answer is no. I define wealth as having excess. All your basic needs are met and you have extra resources to dispose of how you please. When the average citizen of a nation lives within this definition then I consider the nation wealthy. This is the Alex standard.
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Do you know how they assess Gross Domestic Happiness? I am curious. I guess I should just look this up.
I am afraid I don't remember off the top of my head. I just remember reading about this in an article about Bhutan in the National Geographic a while back. I can't imagine the assessment is very quantifiable though.
yeah, i just read about that in the washington post today. According to the ever-important wikipedia, happiness is calculated by:
1. Economic Wellness: Indicated via direct survey and statistical measurement of economic metrics such as consumer debt, average income to consumer price index ratio and income distribution
2. Environmental Wellness: Indicated via direct survey and statistical measurement of environmental metrics such as pollution, noise and traffic
3. Physical Wellness: Indicated via statistical measurement of physical health metrics such as severe illnesses
4. Mental Wellness: Indicated via direct survey and statistical measurement of mental health metrics such as usage of antidepressants and rise or decline of psychotherapy patients
5. Workplace Wellness: Indicated via direct survey and statistical measurement of labor metrics such as jobless claims, job change, workplace complaints and lawsuits
6. Social Wellness: Indicated via direct survey and statistical measurement of social metrics such as discrimination, safety, divorce rates, complaints of domestic conflicts and family lawsuits, public lawsuits, crime rates
7. Political Wellness: Indicated via direct survey and statistical measurement of political metrics such as the quality of local democracy, individual freedom, and foreign conflicts.
Personally, I think that as long as a government allows its citizens basic freedoms, maintains a reasonable semblance of order, and generally does its job, people will be able to find happiness on their own.
Very thoughtfull post on mental wellness. It should be very much helpfull
Thanks,
Karim - Mind Power
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