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Economic Aspects Of The Quality Of Life

Author

Listed:
  • Kamil Decyk

    (Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn)

  • Andrzej Rzeszutek

    (Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn)

Abstract
The aim of the research was to identify and assess the economic aspects of the quality of life in the EU. The research covered all Member States in terms of the selected quality-of-life indicators, which include GDP per capita expressed in purchasing power standards (PPS), average income in euro and severe material deprivation (SMD) expressed as a percentage. Three research methods were used to conduct the research: analysis and criticism of the literature on the national and international scale, analysis of secondary data obtained from the Eurostat database, as well as a statistical method using descriptive statistics, including the use of the dynamics index to estimate the level and direction of changes in the analyzed quality of life measures. As a result of the conducted research and with the use of the method of aggregating countries in terms of economic indicators describing the quality of life, it was found that rich countries characterized by high socio-economic development featured the highest level of quality of life. They include mainly Luxembourg, and due to the high level of average income and, at the same time, low SMD, Ireland, Austria, and Denmark. The lowest quality of life, but with the highest dynamics of average income, was characteristic of countries such as Bulgaria, Romania, Greece, and Hungary, where GDP was at a low or very low level. It should be added that in these countries, at the same time, some of the lower rates of deprivation dynamics were identified, which was a positive phenomenon. Poland had the lowest SMD dynamics.

Suggested Citation

  • Kamil Decyk & Andrzej Rzeszutek, 2021. "Economic Aspects Of The Quality Of Life," OLSZTYN ECONOMIC JOURNAL, University of Warmia and Mazury in Olsztyn, Faculty of Economic Sciences, vol. 16(2), pages 143-157, December.
    • Handle: RePEc:ole:journl:v:16:y:2021:i:2:p:143-157
    DOI: https://doi.org/10.31648/oej.7269
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    More about this item

    Keywords

    life quality; GDP aggregates per capita; mean income; severe material deprivation rate; EU countries;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A19 - General Economics and Teaching - - General Economics - - - Other

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