Polemic of Economic Welfare in ASEAN-4

Abstract

The dynamics of development is driven by a sustainable economy and enjoyed by all, without exception. The reason is, the ‘welfare concept’ seems to only become a discourse and continues to invite world debate about what to do, what the right solution is, and to whom it has focused the welfare. This paper aims to analyze the effects of economic inequality, economic downturn, and economic globalization on improving economic growth and happiness. The content is concentrated on five variables by focusing on five parameters (UEDI, EDI, EGI, GDP, and HI). We compiled panel data with case studies in ASEAN-4 during the 2015-2020 period. Then, the data were processed and presented through IBM-SPSS support. It divided empirical evidence into two structures which are characterized by economic inequality having a negative effect on economic growth, but the impact of the economic downturn and economic globalization affects increasing economic growth. The increase in happiness is caused by the positive effects of economic inequality, economic downturn, economic globalization, and economic growth. The controversy about welfare has real implications for repairing economic damage in a broad perspective, so it becomes a priority.