MEASURING SOCIETAL WELL-BEING

In contemporary policy discourse, the imperative to enhance national well-being is gaining unprecedented attention. However, the complexity inherent in the multitude of indicators often poses challenges in formulating effective strategies. This study seeks to address this issue by identifying and focussing on the most statistically significant indicators that influence well-being from a comprehensive dashboard of 142 elements. By concentrating on a mere 7% of these indicators, policymakers can strategically guide public and social policies with minimal information loss. Such a streamlined approach not only optimises decision-making processes but also offers a novel framework for budget allocation and policy prioritisation. Notably, the integration of factors such as income inequality and environmental considerations results in distinctive outcomes, challenging prevailing well-being assessment methods and potentially altering the hierarchical nation rankings. These insights are expected to prompt a reassessment among researchers and policymakers regarding the conventional metrics of national well-being and the strategic responses required by governments.