Well-being or welfare is a general term for the condition of an individual or group, for example their social, economic, psychological, spiritual or medical state; high well-being means that, in some sense, the individual or group's experience is positive, while low well-being is associated with the negative.
In economics, the term is used for one or more quantitative measures intended to assess the quality of life of a group, for example, in the capabilities approach and the economics of happiness. Like the related cognate terms 'wealth' and 'welfare', economics sources may contrast the state with its opposite. The study of well-being is divided in Subjective well-being and Objective well-being.
In alternative spirituality, the term is used to describe a state of serenity and inner happiness or hauora. While there are several departments of "Well-being" in academic institutes, the term generally has a more holistic and broad context.
- • As in Journal of Economic Literature Health, education, and welfare JEL: I Subcategories at JEL: I3 - Welfare and Poverty.
• Adam Smith, 1776. The Wealth of Nations.
• Partha Dasgupta, 1993. An Inquiry into Well-Being and Destitution. Description and review.
• David S. Landes, 1998. The Wealth and Poverty of Nations. Review.
• Paul Streeten, 1999. "Henry J. Bruton, On the Search for Well Being, and Yujiro Hayami, Development Economics: From the Poverty to the Wealth of Nations," Economic Development and Cultural Change," 48(1), pp. 209-214.
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