Life economic values refer to the assessment of the worth or importance placed on various aspects or components of life from an economic perspective. It involves the evaluation of economic considerations associated with living, both in terms of tangible and intangible factors that contribute to a person's well-being and quality of life.
These values can be related to both the individual and collective experience, encompassing economic factors that impact individuals, households, communities, and societies. Economic analysts and researchers often examine life economic values to understand how economic factors shape and influence the overall quality of life and well-being.
The concept of life economic values recognizes that economic aspects are embedded in various dimensions of life and play a crucial role in determining the overall satisfaction, happiness, or welfare of individuals or societies. It goes beyond the traditional economic indicators such as income or GDP, highlighting the importance of non-monetary factors as well.
Some examples of life economic values include education, healthcare, clean environment, social and cultural participation, safety and security, access to basic resources, and overall social welfare. These values can be quantitative, measured by monetary figures, or qualitative, represented by subjective perceptions or well-being indicators.
Understanding life economic values is essential for policymakers, economists, and researchers as it provides insights into the factors influencing people's choices, decision-making processes, and overall happiness or satisfaction, helping to design policies and strategies that promote economic growth while enhancing the overall quality of life.
