An Alternative Measure: Subjective Wellbeing

In: Social Issues

Submitted By Kingshirley
Words 2430
Pages 10
An Alternative Measure: Subjective Wellbeing

Wellbeing is about looking at ‘GDP and beyond’, which includes headline indicators in areas such as health, relationships, education and skills, our finances, the economy, the environment and individuals' assessment of their own wellbeing. Knowing how money is earned will give us some insights about the employment condition and other income elements. Also, household expenditure can give us a better understanding in the expenditure structure. To be more specific, we can use the Engel's Coefficient as an example, which as a tool for assessing household expenditure can reflect the living standard. It suggests that a lower proportion of income spent on food indicates a higher standard of living, which is important for wellbeing assessment. Moreover, a thorough investigation into the household expenditure structure also helps us to better analyze people’s behaviors and preferences.
However, measurement in income and expenditure is only about people’s financial condition. It only demonstrates people’s material wellbeing. For instance, the monetary numbers do not tell us that people in Beijing is suffering from air pollution. Looking solely at household income and expenditure does not give us any information about people’s living environment, life satisfaction, etc.
Household wellbeing is not a simple add up of all the family members’ wellbeing. Like chemicals, the household wellbeing as a whole involves more subtlety. Thus, focusing on income and expenditure is not a reasonable measure for household wellbeing. The sole use of income and expenditure as a tool is not a convincing method. To measure household wellbeing, all the aspects including health, education, happiness and personal achievement and other elements need to be taken into consideration in order to make a comprehensive assessment. In…...

Similar Documents


...Alternatives As a first alternative, Nintendo could consider hiring more employees to meet the demand of its customers. In the text, it is stated that Nintendo was unable to keep up with the demand of customers for the Wii for many years. It was also stated that Nintendo had the least employees of the three major gaming console production companies. By hiring more employees, Nintendo can meet the demands of the market which would help the company to sell more consoles. The increase in the sale of consoles would therefore cause an increase in the sale of games. With an increase in the number of employees, there is also a risk that the supply of Wii U consoles will outpace demand potentially causing members of the production team to be laid off. Also, a new production team could result in many of the consoles produced to have problems. To solve the risk of the supply issue, Nintendo should hold management team discussions to figure out what number of employees they to need meet demand without outpacing it. To prepare for the issue of inexperienced workers, Nintendo should take their time in hiring only the highest quality employees they can find. As a second alternative for developing the Wii U, Nintendo should consider continuing to be the leader in developing more new and interesting ways to play videogames. One of the key selling points for the original Wii was that it made Nintendo the first major game console producer to implement motion sensing technology into...

Words: 618 - Pages: 3

Wellbeing in Education

...Wellbeing Introduction The literature provided for this assignment will critically explore the relevance and the application of the concept of wellbeing within my organisational setting. My organisational setting is a Further Education College based in Cardiff, South Wales. My role in this institution is to deliver education and training in the vocational trade of plastering. Cardiff is now a diverse and multicultural city and many of the students that attend our college evolve from different social, economic and religious backgrounds as well as having variable capabilities. As a provider of education and training, it is important that we implement policies and procedures that meet the needs of the community by promoting inclusion and addressing inequalities. Every student is treated as an individual and we strive to eliminate discrimination and overcome the disadvantages that exist in society these days that have treated some groups less favourably than others. My duty as an educator is to provide my learners with a positive learning environment and to support their wellbeing by providing challenging, interactive and good quality learning experiences. Wellbeing The psychology of wellbeing has been studied since the times of Aristotle, for two millennia, man has sought the highest good for himself, happiness. The notion of happiness remains vague and multifarious, yet every human being searches for it. However, how to define and obtain happiness has and continues to be a...

Words: 3083 - Pages: 13

Affects of Fifo on Psychological Wellbeing

...Subjective Experience to a Survey on The Psychological Impact of Fly in Fly out (FIFO) Lifestyle Introduction Imagine if you will being in an environment where the vast majority of the people around you have broken marriages, lost access to their children and or money due to the impact of their fly in fly out (FIFO) lifestyle. Over my 5 year FIFO mining career I have heard countless stories from my co-workers of heartbreak and sadness. Based on these real life examples and large subject pool spanning many years in the industry I have developed strong opinions on this particular subject matter. I recently took part in an online survey being conducted at CQU. I perceived the purpose of this survey was to try to find the impact that FIFO lifestyle has on families and relationships. To try and measure FIFO workers levels of life satisfaction as well as their families and how this roster had an impact on emotional wellbeing. After completing the survey I was left feeling unfulfilled and frustrated. The survey to me did not ask questions that allowed me as the participant to give a true account of what I thought was being asked. Even if the survey was not trying to get a depiction of the impact FIFO lifestyle has on families, I still felt it was not in-depth enough to develop an accurate representation of the vital aspects of this lifestyle. Participating in the study This survey in my opinion was trying to answer the long asked question of what is the impact of FIFO......

Words: 1628 - Pages: 7

Subjective Well-Being

...Living a Satisfying Life: Does Meaning in Life and Subjective Well-Being Play a Role? Lakeya Keys St. Leo University Fundamentals of Psychology/PSY 161 February 24, 2013 Dr. Shannon Farris Abstract In this paper, I will review an article done on the study of subjective well-being and its relationship with meaning in life, and if having these two things lead to a more satisfying life. In this study, the researchers employed a descriptive-predictive design in order to measure the correlation between the two variables. Researchers studied nine hundred and sixty nine college students, from different colleges in the Philippines. Three measures were administered to the students: the Meaning of Life Questionnaire, Satisfaction with life scale, and the Positive Affect and Negative Affect Scale, to aid in the study. The results of this study show a correlation between meaning in life and subjective well-being. The positive relationship between these two variables, produced and overall satisfaction in living. Living a Satisfying Life: Does Meaning in Life and Subjective Well-Being Play a Role? College students run into many challenges in their everyday life. The pressures of maintaining good grades, keeping up with their social calendars, studying, and other responsibilities begin to pile up. By conducting this study, researchers were able to conclude, that by having meaning in life, students were overall satisfied with their lives. (Santos, Margramo Jr., Ouan Jr., Paat,......

Words: 1102 - Pages: 5

Performance Measures

...Traditional performance measures slowly become insufficient tool in describing sophisticated and growing complexity among contemporary business organizations. They mainly concentrate on financial performance aspects such as: sales results, overhead absorption rate, return on investment, earnings per share and many other profitability ratios. Therefore management accounting evolved beyond these framework, as a solely profit measurement method, by including non-financial factors in the performance analyse. It is immensely difficult to justify the best approach, which business should operate, as management accounting techniques escalate in large extent and the choice depends on organizational profile. By evaluation of some performance measurements in this essay, it will be easier to understand their existence and apply acquired knowledge in the future, as a management accountant professional. Considering divisional organizations it is important to distinguished between the managerial performance, where only directly controlled items includes, namely direct costs (which level depends on manager’s efficiency and acquired leadership skills) and divisional performance measurement because outcome of manager performance might not reflect the market recession that division is struggling with (Drury, 2008). Therefore in order to presents reliable view of division performance the assumption should be appointed on controllable contribution. Drury arguments that: 2it measure the......

Words: 1703 - Pages: 7

Objective vs. Subjective

...appearance of certain things or events couldn't possibly be a coincidence (even though it is). An objective claim is “whether it is true or false is independent of whether people think it is true or false” (Moore & Parker, 2012, p. 5). It is a claim that is made up of factual opinions or beliefs; however, it doesn’t mean that factual opinions are all true. In objective claims, there is no room for disagreement about the truth or falsity of the claim. For example an objective claim can be “Barack Obama is the first African American to serve as U.S president.” This is an objective claim because it is a proven fact that he is the first African American president. A subjective claim is a claim that is not made up of facts. An example of subjective claim is “Barack Obama is a tall handsome man.” That statement is a subjective claim because it is merely someone's opinion, and there is no way to prove it to be true or false....

Words: 316 - Pages: 2

Enhancing Health and Wellbeing

... Enhancing Health and Wellbeing Name: University: 1 August 2014 Enhancing Health and Wellbeing The health agenda Health is constantly evolving and will relate to different things for different people (Jack & Holt, 2008). The paper uses the World Health Organization’s definition of health, which states that health is a stare of complete physical, mental and social wellbeing. The definition goes beyond other primary declaration of health as being the absence of disease. Health needs vary among individuals and groups in society mainly due to social class and wealth differences. Often, those living in the poorest social economic conditions also suffer greatest from health problems, and when dealing with such issues, it is important to embrace a holistic definition of public health. Here, the adequate explanation would be to take public health as a science and art of disease prevention and health promotion as ways of prolonging life. In that regard, health needs assessments are important when tackling public health issues for communities. The assessments help to identify new health priorities to reflect changing social circumstances, and results from previous public health approaches. In addition, assessments help to realign health interventions with changes in demographics, given that individuals may not belong to only one community; they can join different communities at separate times of their lives (Hien, et al., 2010). Alcohol misuse as a contemporary health...

Words: 4896 - Pages: 20

The Advent of Social Progress Index to Measure Competitiveness

...assess the feasibility of alternative measurement tools, and to discuss how to present the statistical information in an appropriate way. 2) In effect, statistical indicators are important for designing and assessing policies aiming at advancing the progress of society, as well as for assessing and influencing the functioning of economic markets. Their role has increased significantly over the last two decades. This reflects improvements in the level of education in the population, increases in the complexity of modern economies and the widespread use of information technology. In the “information society”, access to data, including statistical data, is much easier. More and more people look at statistics to be better informed or to make decisions. To respond to the growing demand for information, the supply of statistics has also increased considerably, covering new domains and phenomena. 3) What we measure affects what we do; and if our measurements are flawed, decisions may be distorted. Choices between promoting GDP and protecting the environment may be false choices, once environmental degradation is appropriately included in our measurement of economic performance. So too, we often draw inferences about what are good policies by looking at what policies have promoted economic growth; but if our metrics of performance are flawed, so too may be the inferences that we draw. 4) However, there often seems to be a marked distance between standard measures of important socio......

Words: 147885 - Pages: 592

Is Gdp Is a Deficient Measure of an Economy's Welfare

...GDP is the market value of final goods and services produced in an economy over a certain period. National Income Accounting was developed in the 1930’s to be a simple and understandable way to aggregate all monetary activity in an economy to measure the effects of the Great Depression. Economic welfare (well-being) however is not solely about how much money there is in an economy. Constanza (2009) in his article defined economic well-being as “the degree to which society’s goals (to sustainably provide basic human needs for food, shelter, freedom, opportunities, etc) are met”. In the long term as well as the short. GDP encompasses all economic activity, from which we gain important values such as economic growth and GDP per capita. Nearly every country in the world collects this data and macroeconomists and Governments use this data in their analysis and decision making on policy. Growth is high up on the list of priorities for most economies as it usually indicates increasing GDP per capita as well as an expanding economy. This is beneficial in providing more goods to the economy for investment, increasing material standards of living and also to provide more jobs and wealth. The principle of National Income Accounting is that Production = Income = Expenditure, so the value for GDP also gives economists values for this data as well. All this makes the figure of GDP very useful to economists. The data shows the UK since 1955 has increased its GDP (not adjusted for......

Words: 1254 - Pages: 6

Chapter One of Alternatives to Gdp

...  Abstract This paper discusses Gross Domestic Product and related concepts as a measure of social progress and welfare. Although GDP remains the most widely used measure of social progress, the recent global financial crisis and continued depletion of natural resources and environmental adverse impact has brought into question the use of GDP as the main indicator of social welfare. Four alternatives to GDP are assessed and evaluated as the standard for national accounts for Botswana and China. Alternatives fall into the following broad categories, corrected GDP and extended national accounts,composite indexes and subjective approaches. Key Words: composite indicators; economic growth; GDP, sustainable indixes. Botswana, China   Table of Contents   Introduction A region's gross domestic product, or GDP, is one of the ways for measuring the size of its economy. The GDP of a country is defined as the total market value of all final goods and services produced within a country in a given period of time (usually a calendar year). It is also considered the sum of value added at every stage of production (the intermediate stages) of all final goods and services produced within a country in a given period of time. Until the 1992 the term GNP or gross national product was used in the United States. The two terms GDP and GNP are almost identical - and yet entirely different; GDP (or GDI - Gross Domestic Income) being concerned with the region in which income is......

Words: 2727 - Pages: 11


...Alternative Financial Services The world of finance is a growing industry, which helps provide the needs for individuals and businesses alike. Within the field of finance, there are many different sectors such as commercial banking, insurance, investment banking, and most importantly, Alternative Financial Services. The term Alternative Financial Services is described on the Federal Deposit Corporations website as follows: Alternative Financial Services (AFS) is a term often used to describe the array of financial services offered by providers that operate outside of federally insured banks and thrifts (hereafter referred to as "banks"). Check-cashing outlets, money transmitters, car title lenders, payday loan stores, pawnshops, and rent-to-own stores are all considered AFS providers. To sum things up, Alternative Financial Services are basically ways to receive money without using a more traditional way, such as getting a loan from a commercial bank. The different [I would delete “different” – seems repetitive with “incredibly diverse”] types of Alternative Financial Services are incredibly diverse, often described as a melting pot of providers. These different services include car title lenders, pawnshops, rent-to-own stores, and last but not least, payday loan stores. Alternative Financial Services have become increasingly popular since the Great Recession, mainly due to the strict credit regulations among commercial banks. Due to its deep roots in......

Words: 2226 - Pages: 9

Health, Safety and Wellbeing

...Health, Safety and Wellbeing Comparitive Study Greg Watt 1393319 Contents Executive Summary 3 Introduction 3 Comparison Framework 4 New Zealand 4 United Kingdom 6 Discussions/Conclusion 7 Bibliography 10 Executive Summary Introduction The object of this report will be to deliberate on the New Zealand Health, Safety and Wellbeing(HSW) codes, regulations and best practice. I will look at the minimum requirements and industry standards verses mandatory and statutory requirements. A comparison will be investigated for improvements or modification between the two countries HSW, to see if the needs of an ever expanding offshore petroleum exploration and production division are being me. This comparative study will look at the Health, Safety and Wellbeing for Offshore petroleum operations. I will be making comparisons against Shell New Zealand and BP in the United Kingdom’s standards and regulations from an individual, team, company, industry and National viewpoint. Suggestions made from the high level information gathered in this report will be used to form a comparative overview of the HSW offshore petroleum regulatory framework. All people are entitled to the same level of protection regardless of where in the world they work. To ensure a consistent approach to Health, Safety and Wellbeing I will be looking at all levels to recognise any major gaps. Many advances have been made to the HSW since the 1988 Piper Alpha disaster with the total revamp of......

Words: 3479 - Pages: 14

Measure for Measure

...‘Measure for Measure’ in Filipino–because ‘Shakespeare is truly global’ A roundtable meeting is “a venue for intellectual discussion among the academe, students, playwrights, directors, media and anyone interested in theater,” said Jeffrey Hernandez, council master of the University of the Philippines Theater Council. He added: “We have a responsibility to the audience to explain our craft, to touch lives and bring them back to the reality of life. We do art for the people we love, and in a larger sense for the country.” That statement opened the press launch of Dulaang UP’s 39th season, held recently at the Wilfrido Ma. Guerrero Theater in UP Diliman, Quezon City. The theme running through the five plays that will be presented, in Filipino as well as English, until February next year is “Regaining Dignity.” The plays in the season are Shakespeare’s “Measure for Measure/Hakbang sa Hakbang” (with Filipino translation by Ron Capinding), Aug. 20-Sept. 7, directed by DUP artistic director Alexander Cortez; Floy Quintos’ “Ang Huling Lagda ni Apolinario Mabini,” directed by Dexter M. Santos, Oct. 1-19; William Wycherley’s “The Country Wife/Ang Misis kong Promdi,” with Filipino translation by Nicholas B. Pichay, Nov. 19-Dec. 7; and Rody Vera’s “Bilanggo ng Pag-ibig,” inspired by the works of Jean Genet, the novelist-playwright who best exemplified the French spirit of succès de scandale “The Country Wife” will be directed by Tony Mabesa, “Bilanggo ng Pag-ibig” by José......

Words: 9373 - Pages: 38

Subjective Probability

...probability, explain what subjective probability means with a business related example and an example of myself using subjective probability in my personal life and how I might use it in the future. MY PROBABILITY OF SUCCESS I really cannot say what my gut feeling tells me on how well I will do. Just by the name of this class made me nervous but after seeing my very first grade for this class, I feel as though my probability of success, not necessarily obtaining an "A" in this class, but at least passing the class has risen about 2%. As long as I pay attention to what the professor has to say, follow the guidelines within the live chat sessions and learning center and also asked all the right questions to whatever it is I do not have a clear understanding on, I see no reason why I should not receive an "A" in this class. CLASSMATE’S PROBABILITY OF SUCCESS I am not going to say that my fellow students will arrive with the same probability assessment but I see no reason why they should not. As hard as this class was to me in the beginning, once I followed the examples the professor provided, it definitely was not as hard as I thought it would be. Everyone has the potential to do well in this class, it just depends on how far they are willing to push themselves and refuse to give up. SUBJECTIVE PROBABILITY Subjective probability relies on a person's opinion and is based on feelings and insights. This is my interpretation of what subjective probability is.......

Words: 681 - Pages: 3

Hlsc111 the Person Health and Wellbeing

...The Person, Health and Wellbeing Assessment 1 – Stage 2 The word ‘loss’ can be conveyed through many forms and variations of change. In relation to a 5-year-old child, change plays a vital role with increasing the way in which a child conceptualizes and responds to forms of loss. This is based on their developmental factors. The development of a child is endured by their “growth and change that makes an individual better adapted to the environment, by enhancing the individual’s ability to engage in, understand, and experience more complex behavior, thinking and emotions.” (Ailish Gill, 2012, p.166). In addition, these developments are associated with theories such as Piaget and Eriksons, which clarify the stage of cognitive growth (Ailish Gill, 2012, p.191) and psychosocial crisis, involving transitions in important social relationships (Ailish Gill, 2012, p.189). Furthermore, this essay will discuss the fundamental factors of how a 5-year-old conceptualizes and displays developmental factors through their response to loss and how the child is influenced from a cognitive and psychosocial perspective, which displays perceptions of their loss and how they cope with the change. According to Ailison Gill (2012) “Cognitive-developmental theory is concerned with what goes on in people’s minds: how they learn, reason, solve problems, understand language, explain themselves and experiences and beliefs.” (p.191) Piaget theory addresses cognitive-developmental theory by......

Words: 1443 - Pages: 6