Abstract
This article examines the effects of DP, HI, and HDI on LF and EG in Romania for the period 2013-2019. By using path analysis, we need to divide into two models (direct effect and indirect effect. With a time series database, calculations can be presented through the data obtained in the annual report. The article documents six important findings, including the variables DP, HI, and HDI supports EG significantly. Moreover, HDI and LF also play an important role in EG significantly, but HDI is the single most striking variable from the hypothesis test, it is proven that the effect also has a significant effect on EG through LF. This evidence offers insights to stakeholders that there needs to be an emphasis from DP and HI so that they can play a real role for the success of the population's welfare.
Highlights
Demographic changes are part of intense policies pursued by various countries
We report that in structure 1, demographic pressures (DP), happiness index (HI), and human development index (HDI) have a significant effect on LP
From structure 2, it is precisely HDI and labor force (LF) that have a significant effect on Economic growth (EG)
Summary
Demographic changes are part of intense policies pursued by various countries. These changes have a broad scope because they are related to complex problems including the labor market, pension systems, cultural cohesion, gender equality in social and economic contexts, identity, quality of life, public expenditureLabor force and economic growth based on demographic pressures...performance, regional cohesion, public interest services, and balanced regional development. Demographic changes are part of intense policies pursued by various countries. These changes have a broad scope because they are related to complex problems including the labor market, pension systems, cultural cohesion, gender equality in social and economic contexts, identity, quality of life, public expenditure. With respect to macroeconomics, cross-country happiness data from Europe was used to calculate the trade-off between inflation and unemployment, finding that there is no significant difference between rich and poor. This explains how increasing real incomes over the decades helped East Germans lead gratifying lives. The promotion of the concept of a national welfare index to complement economic recovery with government strategies and programs in a number of countries is an important concern (Frijters et al, 2006; Kahneman & Krueger, 2006)
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