Well-being as a Prerequisite for Sustainability on a Macroeconomic Scale? Case of V4 Countries

Abstract

Purpose: Human well-being is a necessary prerequisite for achieving sustainable development. This assumption aligns with the basis of Maslow´s pyramid of needs and the Kuznets curve in its ecological presentation. Therefore, the presented paper aims to clarify what impact specific indicators of human well-being have on the reported level of sustainability achieved on a macroeconomic scale in the Visegrad group in the years 2005-2021 and verify whether the author´s assumptions are correct. Methodology/Approach: Following the correlation analysis of selected variables, there is a linear regression model used to examine the relationship between the overall result of the V4 countries and the selected variables. Findings: People in V4 countries need to have their basic personal needs fulfilled to promote sustainability. Within the analyzed variables, the most significant influence on the country´s sustainability has the Employment rate, the Gender wage gap, and perceived Health. Research Limitation/implication: This study examines the situation within the Visegrad Group, and only 13 variables are selected for the analysis. Originality/Value of paper: The paper deals with the macroeconomic perception of sustainability and sustainable development connected to human well-being in V4 countries. The potential linkage between overall sustainable countries´ performance based on SDGs fulfilment and human well-being presented by OECD Social and Welfare Statistics is analyzed.