The Phenomenon of Economic Well-Being – Measurement Possibilities and Comparative Development in Selected Countries

Gross Domestic Product (GDP) has long been the most widely used indicator for measuring economic activity and, frequently, also the well-being of the population. However, it fails to capture key dimensions of well-being, such as inequality, health, leisure time, environmental quality, and others. This thesis explores the concept of economic well-being and the possibilities of its measurement. It addresses the limitations of GDP as a well-being indicator, the methodologies of selected well-being indices, and the contrast between the current state of knowledge and contemporary approaches to measuring well-being. The theoretical section describes the methodologies of the Human Development Index (HDI – UN) and the Better Life Index (BLI – OECD), and assesses the extent to which these indices reflect the current state of knowledge (as outlined, for example, in the Stiglitz Report) and capture the aspects of well-being that GDP per capita overlooks. The empirical section evaluates the level of well-being in the Czech Republic and Sweden between 2014 and 2022, based on the identification of strengths and weaknesses of well-being as captured by the above-mentioned indices. It also identifies Eurostat-tracked indicators that—if monitored on a global scale—could contribute to more meaningful international comparisons of well-being levels. The findings of the comparative analysis suggest that the Czech Republic lags behind Sweden in terms of well-being to a lesser extent than in GDP per capita, underscoring the importance of incorporating additional dimensions of well-being into its measurement.