| Abstract: |
Interest in the topic of well-being has burgeoned in recent years as the
weaknesses of gross domestic product (GDP) per capita as a proxy for
well-being have become more apparent. At the same time, the global economy has
experienced a productivity slowdown. Since productivity growth is recognized
as being by far the most important long-term source of sustainable gains in
living standards, this development has implications for the future of living
standards around the world. These two developments raise a number of issues
related to the two-way linkages between productivity and well-being. First,
does slower productivity growth constitute a significant threat to the
betterment of the well-being of the world’s population, and, if so, by how
much? Second, given that many indicators of well-being can have positive
effects on productivity, should one aspect of any strategy to revive
productivity growth be to focus on policies that improve well-being? The
objective of this report is to survey the current state of research on the
two-way linkages between productivity and well-being. productivity. |