Relationships between Wellbeing and Sustainable Development in a Group of Selected Developed Countries

Abstract

This work evaluates the crucial aspects of sustainable development (SD) related to wellbeing and quality of life, which were measured by twenty-two relevant indicators (indices) in a sample of 31 countries over the period 2010 – 2019. All the pillars of SD are reflected, while the indicators applied either reflect one of these dimensions, i.e. the economic, social or environmental pillar of SD, or two/all of them. Several of these indicators also measure specific aspects encompassed by the particular pillars, which are of great importance for SD and have to be included. These include especially health and inequality, which belong to the social pillar of SD, and are reflected in several indicators used. Furthermore, the indicator of subjective happiness is included as well. Principal component analysis (PCA) and parallel factor analysis (PARAFAC) are the main methods used to analyse relationships between twenty-two indicators (composite indices) reflecting crucial aspects of SD, wellbeing, and quality of life in the sample. Three stages of both analyses were carried out. For both of them similar results were identified. Principal component 1 (for PCA)/component 1 (for PARAFAC) divided the sample into the less and the more developed countries, since the positive contribution was predominantly determined by the socioeconomic, wellbeing and the more complex environmental or SD indicators, which are predominantly the highest (high) in the more developed countries. On the contrary, the negative contribution was determined by the pollution damage indicators, which are the highest in the less developed countries. Principal component 2 (for PCA)/component 2 (for PARAFAC) divided the sample according to a crucial aspect of the social pillar of SD, i.e. quality of health, particularly reflected in Healthy life years at birth (HLY), which has also poor results in the many developed countries. At the third stage this component is determined by the environmental indicators reflecting resource depletion/consumption and also pollution damages in monetary values, being crucial for SD, since a number of them had the highest values in the developed countries.