Economic Well-Being

The measure of a nation’s well-being goes beyond the level of and rate of growth of GDP. Economic well-being is a multi-dimensional concept.

Well-being might be measured for example using data on:

1. Surveys of Life Satisfaction
2. Years of healthy life expectancy
3. Median Household Income
4. Household Net Wealth
5. Percentage of people in vulnerable employment
6. Civic / democratic participation rates
7. Feelings of safety and security

The economist Simon Kuznets helped to standardise the measurement of GNP in the 1930s. But he disapproved its use as a general indication of welfare, writing that “the welfare of a nation can scarcely be inferred from a measure of national income”

The Gig Economy

Many more people now work in jobs associated with the Gig Economy. These are jobs characterised by non-contract work, freelancing often using digital platforms such as Uber and Deliveroo.

A recent RSA/Ipsos Mori survey found that 59% of respondents working the gig economy are in professional, creative and administrative fields, with 18% providing skilled manual services (such as plumbing); 20% of the respondents worked as couriers or drivers, and another 17% in personal services such as cleaning. (Source: Coyle, NIESR, May 2017)