Role of Economic Values, Social Capital, Security and Religiosity in Happiness and Well-being: Evidence from World Value Survey

Authors

  • Muhammad Atif Nawaz Associate Professor, Department of Economics, The Islamia University of Bahawalpur, Pakistan
  • Maryum Ayub Department of Economics, The Islamia University of Bahawalpur, Pakistan
  • Furrukh Bashir Assistant Professor, School of Economics, Bahauddin Zakariya University, Multan

DOI:

https://doi.org/10.52700/assap.v4i1.281

Keywords:

Happiness, Security, Social Capital, Religiosity, Economic Values, World Value Survey, PLS

Abstract

By employing data from the world values survey to analyze Pakistan’s determinants of happiness, the new study has expanded our understanding of happiness.The current analysis focused on the seventh wave of data that was looked at for Pakistan between 2017 and 2020. The entire sample size is roughly 1995 people, and a range of sociodemographic and economic factors are taken into account. The estimation was done using the partial least squares (PLS) approach. Several social and economic factors, including religiosity, economic values, social capital, and security, might affect a person’s happiness, according to some theoretical studies. To yet, empirical research on the factors that influence happiness & wellbeing has produced conflicting results. Empirical research on social capital explains how it affects specific people, families, communities, provinces, or even nations. The level from which data is acquired varies amongst those researches. Investigating if social capital actually improved people’s well-being in Pakistan was interesting in this sense. The PLS model’s results support the findings of the earlier research and show that Security is positively insignificant for instance, it has a favorable impact on happiness,but at 5%, it not statistically significant. Similar to the past findings, wealthy people are discovered to be happier. Religiosity, social capital, and economic values all have a favorable impact on happiness.

Author Biographies

Muhammad Atif Nawaz, Associate Professor, Department of Economics, The Islamia University of Bahawalpur, Pakistan

Associate Professor, Department of Economics

Maryum Ayub, Department of Economics, The Islamia University of Bahawalpur, Pakistan

Department of Economics

Published

2023-06-30