The Roles and Policy Implications of Well-Being Indicators

Abstract

By focusing on individual well-being beyond the scope of economic growth and GDP, this introductory paper evaluates indicators of subjective well-being, including socio-economic conditions, health, and relatedness, as well as the role and significance of these indicators in policy-makings in Japan. The practical importance of well-being indicators particularly highlighted in this paper includes the ability: to identify causes and consequences of social deterioration, which would allow policies to have better focus on improving existing social systems; to reveal the low level of subjective wellbeing amongst the elder population and to suggest policies to reflect the well-being of the upcoming aging population; to evaluate how one's current level of well-being differs from one's expected level of future well-being. The results may help the government identify specific policies that would contribute to establishing a society with more hope. Due to the broad nature of ‶well-being," it would not be feasible for the government to be directly involved in maximizing the level of well-being at all aspects. Nevertheless, this paper emphasizes that the rightful evaluation and the identification of well-being indicators reveal areas in which the government can act and take a lead upon, in particular, the areas of health, employment opportunities, social support for elder population, and support systems for child-rearing.