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3DOI: 10.29141/2658-5081-2022-23-4-3 EDN: JTTVZH JEL classification: O18, I31, R11 Elizaveta A. Belousova Ural State University of Economics, Ekaterinburg, Russia
Economic well-being: Semantic environment and research contexts at a municipal level
Abstract. Mounting concerns over economic success of some territories and poverty of the others, as well as technological progress and complication of environmental and social problems against the backdrop of the globalisation of the means of handling them make studying the characteristics of economic well-being at the local level increasingly relevant. This review paper addresses the question: what does literature tell us about the essence of economic well-being and how do its characteristics reveal themselves in the municipality context? Methodologically, the research rests on the concepts of economic dynamics, and municipal economics. The methods include retrospective analysis, systematisation and generalisation, as well as analysis of the semantic environment used to examine 110 publications indexed in Scopus. The literature suggests there are three approaches to the treatment of the concept "economic well-being": basic (economic well-being is equivalent to the state of owning enough wealth or income), alternative (extends the basic one with the characteristics of sus-tainability, inclusiveness, and some others), original (relies on the indirect evidence of economic well-being). The findings allow developing the understanding of the concept "economic well-being of a municipality" as an economically secured state of material and non-material well-being of a territory under local government, which is generated based on a sustainable, spatially inclusive, planned, individualised, conscious reproduction process. The results of the research can be useful for regional and local authorities when targeting local economic development.
Keywords: municipality; economic well-being; economy of well-being; economic development; material wealth; prosperity; local sustainable development.
Acknowledgements: the author expresses sincere gratitude to Prof. Elena Dvoryad-kina for accompanying the writing of the paper and improving the original text. For citation: Belousova E. A. (2022). Economic well-being: Semantic environment and research contexts at a municipal level. Journal of New Economy, vol. 23, no. 4, pp. 46-68. DOI: 10.29141/2658-5081-2022-23-4-3. EDN: JTTVZH. Article info: received July 29, 2022; received in revised form August 22, 2022; accepted September 30, 2022
Introduction
Crises have always given the stimulus to reflect on the direction and content of economic dynamics. Klaus Schwab notes that, on the one hand, society has rarely reached such level of well-being as today, and on the other hand, the world economy has become a victim of three curses: first, GDP as an indicator of development, which can tell what the economy can produce in a state of war, but not how to make people happy in peacetime; second, complicating and unprecedented income inequality; third, ongoing and increasing environmental degradation [Schwab, 2022, p. 42].
The projection of these problems onto the regional and local levels clearly confirms their presence. For example, since the previous All-Russian Population Census1, the number of residents has grown the most significantly in the city of Moscow, the Moscow oblast, Saint Petersburg, the Leningrad oblast, and the Krasnodar krai, which indicates the migration to more comfortable territories having better weather conditions or social service. The income of the Russian rural population is substantially lower than the average per capita income of urban residents (67 % in 20212). The difference in income between the regions is more than 5 times, and almost 80 % of regions show income below the national average. Regarding the environment, we can state that the country generates 8.4 billion tonnes of industrial and household waste annually, of which only 3.94 billion tonnes are disposed of and neutralised (2.6 billion tonnes in 20033).
We also are witnessing a growing contradiction between the globally available means of settling economic problems and the local nature of economic processes. On the one hand, the world has fundamentally changed under the globalisation spurred by the information and communication technologies: data, economic agents and even production factors move between continents with unprecedented speed, which allows overcoming economic problems in a completely new way. On the other hand, economic processes still take place in a certain territory that has its specific natural resource, demographic, infrastructural, and institutional characteristics. Thus, the result of economic activity remains local, individual from the viewpoint of a country's territorial organisation and a governance system, which means that there is also the spatial differentiation of economic development.
1 Federal State Statistics Service. Preliminary results of the All-Russian Population Census 2020. https://rosstat. gov.ru/vpn_popul . (In Russ.)
2 Federal State Statistics Service. Household income, expenditure and consumption in 2021. https://gks.ru/bgd/ regl/b21_102/Main.htm. (In Russ.)
3 Federal State Statistics Service. Formation, use, neutralisation and disposal of production and consumption waste in the Russian Federation. https://rosstat.gov.ru/folder/11194. (In Russ.)
The applied problem arising in these circumstances is ensuring the economic well-being of a territory, or, more precisely, of a municipality, which represents the microlevel of the governance system, since the principle of "more economic growth" [Jackson, 2009] can no longer be a guideline for development.
The purpose of the paper is to investigate the essence of economic well-being (EWB) as a result of economic development and to reveal it at the municipal level by conducting a theoretical review.
The purpose predetermines the following objectives:
1) to perform a retrospective analysis of the goals and reference points of economic dynamics to identify key concepts (keywords);
2) to select relevant scientific publications on the topic of economic well-being using the search in scientometric database;
3) to analyse scientific publications devoted to the essence, characteristics and criteria of economic well-being;
4) to reveal the essence of economic well-being in relation to the municipal level.
Literature review
In line with the first objective, let us explore the key terms correlating with the concept "economic well-being". The phenomenon of synonymy is a natural linguistic process, "which is realised in terminology primarily in its semantic variety, with its characteristic functions of substitution and refinement, and is the product of different sources or different ways of creation" [Gavrilova, 2015, p. 12]. There are four reasons behind synonymic relations in terminological systems: first, a term as an indicator of a scientific concept has one invariant signification, but can express it by various characteristics; second, stylistic differentiation may manifest itself as a result of the opposition of oral and written forms of the terms functioning; third, a synonym can be a result of terminological contamination when the terms that came from different sciences coincide in denotation; finally, the term system may be in a state of disorder leading to variants of normative and non-normative terms [Gavrilova, 2015, p. 12]. Thus, except for special cases (stylistics, contamination, disorder), terminological synonymy often arises in connection with different semantic accents, the reason for which may be the context of the term creation.
The task of economics as a social science is to improve the quality of people's lives by dealing with the main contradiction of the material world - the gap between limited (scarce) resources and unlimited needs. Let us focus on the most pronounced, in our opinion, changes in the understanding of the economic goals and reference points that took place in the course of the evolution of economics in order to find out which terms reflected the desired results of economic activity.
The pre-scientific period of economics is represented by the prominent thinkers of ancient civilisations (Egyptian, Babylonian, and then Chinese, Indian, Greek and Roman) with their reflexions on the fair distribution of property, income, individual and public goods. The fundamental work of this period is the Politics of Aristotle [2016]. Following the logic of traditional society about what is fair and decent, the outstanding thinker distinguished between two kinds of economic prosperity - the art of household management (is necessary) and the art of wealth accumulation (is not necessary). Their difference is that "the necessary art belongs to the field of the household, it is in accordance with nature, is aimed at obtaining the means of living and is not boundless compared to the not necessary art, it has its limits" (hereafter cited from: [Aristotle, 2016]). Without criticism to storing supplies - "things necessary for life and useful for the state and family unit", Aristotle decried making wealth associated with an abundance of money, since in this case it would have no limit: "in the art of wealth accumulation there is never a limit in achieving the goal, and the goal here is wealth and possession of money". The desire to satisfy the boundless thirst for physical pleasures leads to the fact that all people's activities are aimed only at finding means: "these people turn all their abilities to making money, as if this is the goal, and to achieve the goal you have to go to everything". On the contrary, in the art of household management, the accumulation of money is not the goal, and "the means that lead art to its goal are limited, since the goal itself serves as a limit in this case". Aristotle calls for a 'virtuous life' when money is only means of exchange, the accumulation of physical supplies plays a support role, and, consequently, the need for monetary and physical supplies is limited and can be fully satisfied. Thus, according to Aristotle, wealth is the means necessary for life and useful for the family and the state.
In the period of the First Industrial Revolution Smith published his influential book An Inquiry into the Nature and Causes of the Wealth of Nations. The author himself pointed that the research was aimed mainly at studying the economic development and forces acting for a long time and controlling the growth of the nations' wealth. Blaug noticed an amazing circumstance: being a contemporary of fundamental technological changes that brought industry in the first place, the classic of political economy was not a "prophet of the industrial revolution" [Blaug, 1994, p. 33]. Smith took examples of machines that facilitate labour from the Middle Ages, and ignored the role of modern inventions. It is no surprise that the source of wealth for him was not industry, but agriculture.
Smith understood wealth not as a stock (accumulated nation's capital), but as a flow (nation's income produced for some time) [Blaug, 1994, p. 32]. Therefore, he developed the idea of labour and thrift as factors of wealth growth, when labour creates
what thrift accumulates, and thus we see the capital accumulation. Using the concepts of net and gross income, the economist determined that the nation obtains its net income after deducting the costs of restoring fixed and working capital. Smith's pri-oritisation of capital accumulation led him to the idea of productive and unproductive labour. The productive one increases the material wealth of the nation, and the unproductive includes the labour of both civil servants and doctors, teachers, lawyers, representatives of creative professions, incurs costs to society and does not bring income. This, according to Gloveli [2013], provoked a controversy: Heinrich Storch proved that unproductive labour creates internal goods, which are divided into primary (health ('produced' by doctors), skill (developed by teachers, masters), taste (formed by artists, writers), morals (determined by moralists) etc.) and secondary (safety and leisure). Thus, a gap in Smith's teaching becomes obvious - "compensation of such an element of fixed capital as acquired and useful abilities of all society members" [Gloveli, 2013, p. 154]. In general, we can conclude that Smith investigated the problem of increasing the nation's wealth through the search for sources to overcome the shortage of material production.
The Second Industrial Revolution brought electricity that ensured the appearance of mass production and greater possibilities for goods transportation, so their availability significantly expanded. At that time, a new paradigm of economic thinking was formed, which retrospectively was called marginalist and is associated with the names of Leon Walras, Hermann-Heinrich Gossen, William Jevons, Carl Menger. The focus of the research shifted towards demand, in contrast to the previous stage, where the analysis was mainly concentrated on production. The labour theory of value, which explained the value and price of goods by labour costs, was refuted, and substituted by a new theory of price based on the concept of marginal utility, which is determined subjectively as a result of the free choice of an individual who is focused on maximising personal benefits.
According to Alfred Marshall, the market value of a product is determined by the equilibrium between its marginal utility and marginal cost of its production. Marginalism 'opened the door' for demand influencing production, and as a result, demand management techniques flourished in order to increase profits. For example, the image of the latest commercial techniques of large department stores aimed to stimulate demand is captured in Zola's novel The Ladies' Delight (1883), when purchases could lead to a buyer's ruin, since the assessment of the needs was not based on a rational choice. This was later proved by the institutional theory: man is not omniscient and does not "possess supernatural abilities to rationalise and maximise his benefit" [Au-zan, 2014, p. 14]. If the classical political economy was concentrating more on the production growth for the survival of a larger number of the population, then the
marginalism was speaking about more efficient production, providing more goods, expanding mass consumption and generating more income thanks to each additional unit produced. An important feature of this stage from the viewpoint of economic dynamics was the psychologisation of the value problem and the subjectivity in the assessment of consumed goods, which strengthened the understanding of how significant the connection between production and the conscious and unconscious needs of the population can be.
The spontaneous market development, its glut of goods, considerable fluctuations in production and employment could not but cause concern over and reflections on achieving a balance in the distribution of income across the economy. The causes of imbalances and crises arising on their basis, as well as the search for means to prevent them, are the subject of two major contributions justifying state intervention in the economy to maximise the welfare of society - The Economics of Welfare (1920) by Arthur Cecil Pigou and General Theory of Employment, Interest, and Money (1936) by John Maynard Keynes.
Pigou considered the national dividend to be an indicator of national welfare, which should be maximised through taxes and subsidies applied optimally to various industries. In addition, the scientist argued for the need to redistribute the national dividend between the population with high and low incomes to increase welfare, since the poor will benefit from the increase in income more than the rich.
As for Keynes, as noted by Gloveli [2013], his concern "was the justification of 'reorganised liberalism'". Liberalism, which obliges the intellectual elite to worry about the threat of universal impoverishment and to put efforts to find ways to shift to a new "regime that will have a special purpose of controlling and directing economic forces in the interests of social justice and sustainability". Answering the questions that the Great Depression brought to the USA, Keynes not only made a second revolution in economics by separating microeconomics and macroeconomics and clearly defining the need to distinguish between individual and public good in economic policy, but in a series of articles The Means to Prosperity published in The Times in March of 1933 also presented practical advice on stimulating investment to counteract the most destructive and visible manifestation of the crisis - the multimillion unemployment.
The year 1945 was proclaimed 'Year Zero', as it became the starting point for the economic success of Western countries following the reconstruction of production facilities and infrastructure. The post-war 'glorious thirty' of growth brought unprecedented economic achievements, generated considerable optimism in terms of ensuring national welfare, and also transformed the way of thinking about the goals and content of economic dynamics. In 1958, Galbraith's The Affluent Society was first
published. The book highlights a number of aspects unthinkable in earlier periods of the economics development, since "there is no reason to think that the pressing problems of a society tormented by poverty are relevant in a world where to a common man such benefits of civilisation are available, which only a hundred years ago not every rich man could enjoy: diverse food, entertainment, personal transport, water supply and sewage" [Galbraith, 2018, p. 12]. The economist emphasised that despite there was some adjustment of economic theories that appeared in the era of universal poverty, a radical change in the material situation of society "has not received adequate understanding" [Galbraith, 2018, p. 13], and this circumstance will become a source of problems and obstacles. In his opinion, there are several manifestations of such obstacles to the development of the economic system.
First, there was a glaring contradiction between private abundance and public poverty (expensive TV sets and poor schools, clean houses and dirty streets). This is especially true in the USA, where the capitalist tradition and the attraction to the free market turned out to be much stronger than in Western Europe, which used the results of its 'economic luck' to lay the foundation for a social market economy. Second, the inability to manage abundance has exacerbated the problem of investment and income distribution: the affluent society has not given unambiguous priority to investing in the quality of human capital, despite the fact that "technological progress ... almost entirely depends on investment in education" ("moreover, these expenditures are not always awarded the prestigious title of investment" [Galbraith, 2018, pp. 285-287]), just as it did not remedy the problem of poverty ("poverty has ceased to be ubiquitous, becoming a special case. This is what has clothed the problem of poverty in its peculiar modern form" [Galbraith, 2018, p. 329]). Third, high economic growth has made the problem of environmental protection rather relevant. Fourth, the strengthening of the role of individual organisations producing goods has aggravated the problem of power in the economic system, the dominance of the private organisations' interests over the interests of the economic system as a whole [Galbraith, 1976].
In addition, material well-being, which has spread to wide segments of the population, has not become synonymous with happiness. In 1974, economist and demographer Richard Easterlin investigated the impact of income on the level of happiness in America after World War II [Easterlin, 1974]. In the long term, the increase in income is poorly correlated with happiness, which was confirmed by further studies [Easterlin, O'Connor, 2020]. Thus, there are enough goods in a society of abundance, and at the same time there is a shortage of many things that are important: medical care, passenger transport, housing; despite an increase in incomes, the level of happiness does not change significantly; the environment is experiencing negative
consequences of economic growth; the strengthening of the power of private organisations complicates the change of the value paradigm.
Further, the progress of the developed economies of the West and a little later a number of countries of the East ('Asian tigers') was regularly interrupted by crises of various kinds, both oil (1970-1980) and financial ('dotcom bubble' and the Asian financial crisis in the late 1990s). In 2008, the world economic and the financial crisis unfolded, also accompanied by an increase in the cost of food. Due to the fundamental nature of its consequences, we will take 2008 as the cut-off year to for selecting publications.
Thus, according to our analysis of the conceptual framework for searching in international scientometric databases, along with the term economic well-being, it seems appropriate to use the following keywords: wealth, prosperity, affluence, welfare, as well as economy of happiness and economic success.
Materials and methods
We conducted a search in the international scientometric database Scopus using the keywords listed in the previous section by title, abstract and keywords. We used the Scopus database since the terminology was analysed within the English-language discourse, and the Web of Science database is currently inaccessible. The final configuration of the request was as follows: (TITLE-ABS-KEY (economic well-being)) AND (TITLE-ABS-KEY ("prosperity" or "wealth" or "economic success" or "affluence" or "economy of happiness")). The use of the AND operator increased the probability of getting the most relevant articles, and also made it possible to focus the analysis on various studies in which economic well-being can be viewed from unexpected angles.
During the search, the word "welfare" was removed from keywords, since the search results were distorted by articles about social support and guarantees. Nevertheless, the term "welfare" is present in a number of papers, which confirms its relevance to the subject under study. At the initial stage, the search yielded 270 results for the period from 1960 to 2022 (Figure 1).
We can state that since 2003 there has been a steady increase in the number of publications relating to the subject, the peak of which falls in 2021 (taking into account the fact that the data for 2022 are not final). We also note the growth of the corresponding publication activity in the post-crisis periods with a lag of 1-3 years. Thus, limiting the number of contributions for analysis to the 2008-2022 period seems appropriate and allows reducing the sample to 195 publications. The reduction of this list using the criterion of the subject of journals was not carried out, since the purpose of the analysis is to consider the essence of the concept "economic well-being".
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Fig. 1. Distribution of scientific publications indexed in the Scopus database relating to the economic well-being, 1960-2022
Further the sample was narrowed based on the assessment of the content, as a result of which 90 publications were excluded. Then the selection was supplemented with sources obtained by scanning the bibliography of the articles. In total, we reviewed 110 publications.
Results and discussion
The literature review allows us to identify several approaches to understanding the essence and characteristics of economic well-being. First, many researchers define EWB using the concept of income, as well as income inequality. The greatest interest of economists is to identify EWB at the household or individual level as an indicator of the effectiveness of the economy functioning and the activities of public authorities. Thus, EWB of households is considered as a socioeconomic situation assessed using a complete list of household assets (including consumer goods, vehicles, housing, land, livestock and savings accounts), the value of which is adjusted taking into account social status, subjective and average assessments of the economic situation by members of the local community [Woolard et al., 2022, p. 4]. Various asset-based wealth indices are used for evaluation. Each of them generally represents a weighted sum of the value of household assets and their access to services and differs in the specific weights of the components [Woolard et al., 2022]. Such indices can be used in territories where income statistics are not collected, for example, in rural areas of developing countries.
The economic well-being is interpreted not only as a simple monetary expression of relative wealth, but also as a form of its manifestation in the form of consumption [Li, Zhang, 2021]. As studies by Chinese scientists have shown, when a certain level of wealth is reached, households direct their material resources to speculative
operations in the real estate market. At the same time, consumption does not increase and, therefore, does not stimulate economic growth, which is why the ratio between the accumulation of wealth and the improvement of economic well-being, which is evidenced by consumption, arouses concerns [Li, Zhang, 2021]. Another aspect of such understanding of EWB is the USA case [Beech, 2021]. Economic well-being is much more than the absence of poverty or high household incomes. This is the ability to 'negotiate' with society and 'be heard', which is derived from a person's education, his socioeconomic and health status [Beech, 2021]. Often economic disadvantage is expressed in social exclusion, socioeconomic deprivation for different reasons. Thus, the inclusion of a household or an individual in society, as well as the structure and level of consumption are components of economic well-being, along with the quantitative expression of the income level or the amount of assets in possession.
In the study of the distributional effects of the 2008 recession in different groups of the US population (during periods of crisis and recovery), economic well-being is considered as a trajectory of changes in income and inequality in the long term [Ze-wde, Crystal, 2022]. According to the study results, despite the fact that income was recovering in all age groups, there was an increase in inequality in the groups of older people, unlike those who had just entered the labour market [Zewde, Crystal, 2022]. The understanding of EWB as a long-term trajectory of changes in material well-being (wealth), the most important aspect of which is the availability of housing, is present in a number of other publications: when studying the impact of divorce on the economic well-being of spouses [Kapelle, 2022]; employment strategies in marriage, including the types of employment of men and women, obtaining parental leave [Nutz, Gritti, 2022]; educational hypergamy [Cheng, Zhou, 2022]; serious health problems [DeGraff, 2022]; women's employment and gender inequality [Gornick, Sierminska, 2021]; 'gray' divorces [Lin, Brown, 2021], etc. In general, socioeconomic inequality (the scale of which was perfectly described by Joseph Stiglitz [2019]) researchers call one of the fundamental threats to economic well-being, which, in turn, is interpreted as a state that is the opposite of inequality.
Relativity is an important characteristic of EWB both in the aspect of time and in the aspect of space. As for the time aspect, a certain level of EWB should not just be achieved, but maintained. The spatial aspect is an aspect of inequality within a local community, a territory, as well as priorities for institutionally different economic systems operating in different regions. For example, researchers analysing maternal mortality in countries located in Sub-Saharan Africa [Selebano, Ataguba, 2022] and the use of health services in Botswana [Keetile, Yaya, 2021] consider economic well-being as a factor affecting the ability to take care of health. EWB is also attributed to the number of factors reducing the likelihood of domestic violence as identified
by the example of Kyrgyzstan [Chernyak, 2020] and Pakistan [Hussain et al., 2017]. Thus, in developing countries, economic well-being is a means (to maintain health, improve nutrition, achieve physical security, etc.), whereas in developed economies it is most often equivalent to a goal (for example, obtaining a high or sufficient monetary income). This difference is even more evident in the work on the state of villages in India: "food, energy and water are the significant factors necessary for the social and economic well-being and prosperity of people, particularly to accelerate rural development" [Nair et al., 2020, p. 1]. In other words, in a developing agrarian-industrial country, EWB as a state is provided by the availability of the three basic resources, and not by high monetary income.
Quite often, well-being appears in the context of studying the quality of life as its synonym. However, in our opinion, EWB is only a part of it - an essential, but not the only characteristic. An additional ambiguity is due to the concept of subjective well-being. In this context, many of the parameters of the quality of life (including EWB) can be evaluated, but in general it is associated with the psychological satisfaction of an individual and is closer to the quality of life [Chiara, Menon, Perali, 2019; Kulkarni, Kulkarni, Gaiha, 2021].
Thus, according to the approach, which we will call the basic one, we can talk about economic well-being as sufficiency with a set of tangible assets in monetary and nonmonetary form.
Despite the obvious validity and fundamental nature of the understanding discussed above, the theoretical review reveals an alternative approach to the conceptualisation of EWB. Among the systematised publications, we find contributions that express doubts about the exclusivity of income (tangible assets) as the only indicator of economic well-being. The basis of these doubts is the concept of sustainable development toghether with the deepening contradictions that the neoliberal economic model creates. As a result, there is a different understanding of what economic well-being is, as well as alternative ways of measuring GDP, for example, the Index of Sustainable Economic Welfare, Genuine Progress Indicator, Inclusive Wealth Index, Legatum Prosperity Index and others.
Alternative GDP indicators of economic development and their theoretical foundations have significant advantages as a means of obtaining a more accurate picture of national economic well-being. According to scientists, GDP statistics measure current economic activity, but ignore income and wealth inequality, environmental destruction, life expectancy or the quality of social relations [Aitken, 2019]. The link between the old, neoclassical model based on economic growth and new emerging paradigms, such as the well-being economics, are the UN Sustainable Development Goals (SDGs) [Cook, DaviSsdottir, Gunnarsdottir, 2022]. Economists, having
analysed various alternatives to GDP, come to the conclusion that the indicator of genuine progress (GPI) is most consistent with the SDGs. Economic growth per capita (the main objective of SDGs 8) is effectively calculated using GDP data, but the calculation of GDP is not able to reveal the deeper complexities of economic well-being [Cook, DaviSsdottir, Gunnarsdottir, 2022]. The components of the calculation according to its alternative indicators, such as GPI, are directly or indirectly related to the tasks within most SDGs.
Scientists also question the need for economic growth. For example, some researchers appeal to the concept of a steady-state economy, when key indicators such as population and consumption levels remain stable and do not exceed the carrying capacity of the ecosystem [Jackson, 2009; Lang, Marsden, 2018; Cook, DaviSsdottir, 2021].The emphasis in a sustainable state economy is on maximising the longevity of stocks, reducing the flow of natural capital (resources) needed to maintain living standards, and minimising the negative impact on the environment [Cook, DaviSsdottir, Gunnarsdottir, 2021, p. 8].
The statement that "more economic growth" is no longer a solution to the problem of economic well-being, is especially relevant for developed countries. The main prerequisites for this include constantly increasing consumption, which adds little to human happiness, as well as the state of ecosystems that support the economy and are destroyed by such consumption [Jackson, 2009]. Interestingly, a study conducted among EU citizens confirmed the stability of pro-environmental views that persist both at the individual and national level even during the crisis [Benedetta, Vincenzo, 2020].
In the modern context, sustainability was revealed using narrative analysis applied in the field of well-being economics. Four related narratives were found out [Waddock, 2021]:
• "transformation" as a critique of business as usual, business operating within the neoliberalism, while emphasising the demand for a transition towards a well-being economy and accentuating the well-being of all people;
• "the nature-centric, or planetary boundaries" - the need to adhere to a naturesaving view of life, since humanity lives and operates within planetary boundaries;
• "the good life", or "people-centric perspective", is a narrative that emphasises sustainability, ensuring that the basic needs of all people are met;
• "the integrated perspective" is a comprehensive, life-oriented narrative that focuses on the well-being of both people and the planet, recognising the complexity and holistic nature of this task.
Thus, sustainability is an important characteristic of EWB within the framework of an alternative approach, as well as a number of other characteristics, we will detail further.
Economic security. Economic security issues are pronounced the most in the energy sector. Coal, oil and natural gas have long been crucial to the economic well-being of mankind. However, today there are more major energy consumers than ever before. At the same time, energy production is concentrated in fewer countries due to the peak of oil production from older producers. Thus, there is concern about energy security [Vaahtoranta, 2010]. According to a study conducted on the case of the United States, energy dependence increasingly affects the overall well-being of the nation from the viewpoint of national security and economic well-being [Moretto, 2013]. Attempts to switch to renewable energy sources are not always successful, and not only for technological reasons. For example, one of the papers examines the difficulties experienced by oil exporting countries in the energy transition. Using the case of OPEC countries, it is shown how the desire for sustainable development and boosting environmental quality slows down, especially when there is an improvement in economic well-being through income growth from oil exports and the use of relatively inexpensive fuel in production [Onifade et al., 2021].
The economic security aspect is manifested not only in the energy sector, but also in the extractive sector. In particular, this is evidenced by the analysis of the relationship between the rights to own and control copper, gold and diamond mines and local economic well-being in Sub-Saharan Africa for the period 1997-2015 [Wegenast, Khanna, Schneider, 2020]. Estimates have shown that the presence of domestic mining companies increases local well-being, while the activities of multinational companies, on the contrary, are associated with an increase in regional unemployment. Thus, these activities generally do not contribute to economic security and subnational economic well-being.
Individualised approach. Since each territory, community or person has individual characteristics, the economic well-being for each of them will be different. At the individual level, differentiating it will be difficult, but the development of individualised strategies for territories and communities is quite feasible. This statement follows from the concept of place-based growth1, which assumes special attention to a specific territory and a deep knowledge of its advantages, allowing to build its individual investment strategy, a strategy of economic success taking into account its competitive advantages, for example through the use of local social capital. Proponents of the theory of social capital have long argued that its creation not only meets the interests of civic life, but is also vital for local economic well-being. An analysis of the social
1 Grant Thornton UK LLP (2020). Place-based growth: Unleashing counties' role in levelling up England. 138 p.
capital of American megacities and its impact on economic well-being has shown that the pooling of social capital (including trust, group membership, social networks) has a positive effect on the economic well-being of communities in terms of job creation [Engbers, Rubin, Aubuchon, 2017].
The emergence of a place-based approach to growth is largely due to the fact that large agglomerations attract and concentrate the population and economic activity due to their advantages, while peripheral territories suffer from a lack of capital and people, which exacerbates the problem of socioeconomic inequality. This problem is a vicious circle: successful territories receive more and more funding, unsuccessful territories suffer more and more losses. For example, for a three-year period, from 2013 to 2016, total public spending in Wales amounted to about 11.5 billion pounds, while London received almost 32.5 billion pounds, with the gap in favour of London increasing annually [Lang, Marsden, 2018]. This logically implies the following characteristic of EWB - inclusivity.
Inclusivity. In its most general form, inclusivity implies the inclusion of all members of society in receiving benefits from the economic success of the country. For example, how the authors of the study about the role and strategies of using natural capital as an inclusive wealth of Malaysia understand it: to them, the concept of natural capital means the contribution of natural resources to the economic and social well-being of the country and inclusive wealth focuses on ensuring sustainability and improving the well-being of all people [Bhuiyan, Ismail, Siwar, 2013]. The narrative analysis of the well-being economy also reveals a focus on meeting the needs of everybody, as far as possible within the boundaries of the ecosystem [Waddock, 2021]. In some countries, inclusivity acquires special features and significance due to institutional peculiarities. Thus, in India, despite more than three quarters of a century of independence, during which banking and financial reforms were actively implemented, financial services are not available to a significant part of the poor population - people with low income are severely dependent on unofficial moneylenders and pay huge interest [Satpathy, Patnaik, Das, 2015].
However, the characteristic "inclusivity" can be considered not only at an individual's level, but also at the level of territories, that is, their inclusion in the national economic well-being based on the management of the national reproductive process. The expediency of such an approach is due to spatial inequality, initially inherent due to the action of Krugman's first nature factors, as well as the need to support peripheral territories, since they continue to be a place of residence and work for a substantial part of the population.
Consciousness. Sustainable development, it would seem, should presuppose a conscious attitude to the environment, the consumption of natural resources and the
social consequences of economic activity. However, as a study by an international team of authors has demonstrated, the modern approach to sustainable development requires a more comprehensive understanding inspired by alternative ways of life [Painter-Morland, Demuijnck, Ornati, 2017]. The researchers applied Georges Bataille's ideas about political economy in order to reconsider the relationship between what economists call 'objective need' and 'subjective desire', thus returning to the basic theme of economic theory - the utility.
Earlier, Galbraith pointed out that "the idea of influencing the choice has even more important consequences. It means that the process of choice - the decision to purchase this product, to abandon another - is what collectively governs the economic system," and controlling the choice, which is the source of power in the economic system, is possible by "planting useful beliefs" [Galbraith, 1976]. Scientists emphasise that it is necessary to restore energy flows outside the narrow interests of practical economic agents or nation-states, because, as their analysis showed, "we allowed the 'dead matter' of capital to replace the concern of the 'living matter' of nature / ecology in all our equations, even if this was not the original intention" [Painter-Morland, Demuijnck, Ornati, 2017]. Thus, in this context, consciousness is the ability of economic agents to assume, evaluate and plan desirable actions, as well as to implement them in accordance with the principles that ensure economic well-being.
In order to present the scientific discourse, as well as the characteristics of EWB in the framework of an alternative approach in the briefest way, we used the method of the semantic environment analysis1 (Figure 2).
The scientific literature also presents original approaches to the assessment of economic well-being. Thus, the importance of electrical energy in maintaining EWB is obvious [Bluszcz, 2017] both in developed countries, where energy independence is a guarantee of the sustainability of the reproduction process (especially in terms of production) and ensuring high income of citizens and firms [Vaahtoranta, 2010; Moretto, 2013], and in developing economies, where electricity, water and food are recognised as the main factors of life and prosperity [Nair et al., 2020]. There are about 940 million people in the world (2020)2 living without electricity, while the lack of access to reliable sources of electricity negatively affects health and social security, as well as hinders sustainable development. Proceeding from this fact, an
1 The analysis of the semantic environment allows obtaining a collective image based on the study of the belonging of lexical units from the environment to semantic classes, thematic series and semantic areas [Vernoslova, Konshina, 2020].
2 Ritchie H., Roser M. Access to Energy. https://ourworldindata.org/energy-access#:~:text=940%20million%20 people%20do%20not,steadily%20rising%20in%20recent%20decades.
Fig. 2. Semantic environment of the term "economic well-being" within the alternative approach
international team of researchers hypothesised that economic well-being can be measured by assessing access to electricity [McCallum et al., 2022]. The researchers combined open spatial data from the World Settlement Footprint project1 and the Visible Infrared Imaging Radiometer Suite Day-Night Band (VIIRS DNB)2 to identify settlements without artificial lighting at night, which means there is no possibility to use electricity. It was found that electric lighting is absent in 19 % of the world's settlements, 39 % of them are located in Africa; the latter figure increases to 65 % if we are talking about rural settlements. To confirm their hypothesis, the scientists also analysed and confirmed the correlation of the data obtained and
1 A joint project of the European Space Agency, the German Aerospace Center and Google Earth Engine to create a database of human settlements around the world based on satellite images.
2 The Visible Infrared Imaging Radiometer Suite (VIIRS) is a global satellite night light sensor first launched in 2012, captures almost the entire Earth every night. Thanks to the improved spatial and radiometric accuracy compared to its predecessor, this sensor allows analysing lighting at the level of the locality area.
the wealth index calculated by the Demographic and Health Surveys (DHS) programme. The great advantage of the proposed method is that it allows you to obtain point data on the need for infrastructure development and poverty reduction in areas with extreme poverty, as well as in territories where statistical information is not regularly generated. According to the researchers, their method allows tracking electrification in developing countries, as well as monitoring how light energy consumption is reduced in developed countries [McCallum et al., 2022, p. 6]. Thus, territories that are sufficiently provided with electricity can be considered economically prosperous.
Among scientific publications that we selected, there are studies related to various fields of knowledge - not only to economics, but also to medicine, sociology, ecology, technology. The authors of the article on the development of a system for monitoring the reliability and condition of steel bridges emphasise that the relevance of creating such a method is due to the fact that "good condition of infrastructure facilities ensures the safety and economic well-being of society. At the same time, due to the continuous development, rising wealth of the society and socio-economic integration of countries, the number of infrastructural objects is growing" [Marchewka, Ziolkowski, Aguilar-Vidal, 2020]. We can state that a sufficiency with well-developed and accessible infrastructure, on the one hand, is a necessary condition for economic well-being, but on the other hand, it is also an indicator of EWB, because infrastructure performs important functions (includes economic agents in interaction, reduces its costs, increases the quality of life, ensures the mobility of production factors, etc.). For instance, in the absence of demand from companies and the population (for example, during a crisis), it becomes expensive to maintain unused infrastructure and, therefore, impractical. A striking example of such a case is the consequences of shrinkage in rural areas, when the transport and social infrastructures begin to suffer due to a lack of demand.
A group of researchers used the analysis of Twitter messages from several local communities of London districts as an indicator of subjective well-being on the assumption that self-reporting is accurate enough to measure well-being and corresponds to the moods expressed in social networks. According to the results of the study, the moods of this service's users correlate positively with high socioeconomic well-being [Quercia et al., 2012].
Another indirect evidence of EWB is the amount of free time. On the one hand, technological development has made it possible to reduce the execution time of manufacturing operations, as a result of which the working day has decreased (for example, workers now work 20-30 hours a week less than in the 21st cen-
tury)1. However, studies demonstrate that this did not lead to an increase in free time, because in order to be an 'ideal employee', it became customary to work for a long time, no matter how productively, and working time is often spent on tasks that are not related to the direct job functions, and on switching between projects (in the case of two projects 20 % of the time is spent on switching, and 40 % is spent on each project; with four projects, the figures are 60 and 10 %, respectively)2.
To explain the paradox of "more material wealth - less free time", the scholars used a special term - "time poverty" [Giurge, Whillans, West, 2020]. The scale of the described phenomenon is impressive: in the USA, 70 % of workers "never have enough time" (2011), while by 2018 this figure had grown to 80 % [Giurge, Whillans, West, 2020]. Time poverty at work is aggravated by multitasking, administrative regulations, a lot of meetings, as a result of which not only the amount of free time decreases, but also productivity, concentration, but stress levels increase and health deteriorates. In the USA, doctors spend an average of 8.7 hours a week on administrative procedures and reports (this figure has increased by 20 % over the past 10 years), and even chief executive officers devote only 43 % of their time to direct duties [Giurge, Whillans, West, 2020]. The reseachers call the acceleration of social time, the increase in bureaucratic procedures, the perception of leisure as wasted time, and employment as a symbol of status, the consequences of transport accessibility (traffic jams against the backdrop of increased number of cars and long commute times) and others to be the social factors of time poverty [Giurge, Whillans, West, 2020]. One way or another, this phenomenon seriously threatens well-being and economic development, although it is the result of income growth (material well-being). The interpretation of time poverty in the context of the EWB concept requires more detailed research, for example, from the viewpoint of the structure of time use [Aitken, 2019].
Thus, according to the original approach, economic well-being is understood as a favourable state of the living environment that allows satisfying certain human needs and is expressed by an indirect characteristic that is a consequence of economic achievements at a particular stage of society's development.
From our analysis we can conclude that the basic characteristic of economic well-being is the sufficiency with tangible and intangible assets, which should be accompanied by long-term sustainability, economic security, inclusivity, be of a planned, conscious nature, and be individualised in line with the characteristics of a particular object.
1 Working hours through history. https://clockify.me/working-hours.
2 Multitasking does not exist. https://bibloid.ru/kursach/motivation/multitasking-doesnt-exist.html. (In Russ.)
Since in the examined publications EWB was considered at different levels (including at the level of an individual, a household, local or community level, as well as regional and national levels), we will apply the above characteristics to the local level, to a municipality. The basis of the municipal economy is the reproduction process taking place in its territory, therefore, we consider the EWB of a municipality as an economically secured state of material and non-material well-being of the territory under local government, which is generated based on a sustainable, spatially inclusive, planned, individualised, conscious reproduction process.
Conclusion
The study allowed us to draw a number of conclusions.
When studying the concept of economic well-being as a result and reference point of economic dynamics based on a search in an international scientometric database, it is relevant to use the following keywords: wealth, prosperity, affluence, economy of happiness and economic success.
The analysis revealed three main approaches to understanding the essence of economic well-being:
• basic that considers EWB through income level, sometimes in combination with indicators of consumption or participation in social life (since income level allows people to 'be heard' by society) or indicators of the inequality level;
• alternative that is based on a deeper understanding of the realities of prosperity and sustainability of the national economy, when a quantitative increase in income / GDP per capita is not able to respond to the needs of citizens, since it may be accompanied by substantial economic losses in health, education, environment, political and other spheres;
• original that explains EWB through indirect evidence of contentment and security of the population.
We should emphasise that conducting a theoretical review was complicated by the presence of several levels of economic well-being: individual, local, regional, national. In addition, the existence of a separate term "subjective well-being" means that the assessment of material well-being at the individual level may differ significantly, despite the same quantitative expression.
The study of the semantic environment of the term "economic well-being" at all levels within the alternative approach allowed us to identify the following characteristics of this concept: economic security, individualised approach, conscious consumption and production, inclusivity, planning-based approach, sustainability. Accordingly, the economic well-being of a municipality can be considered as an economically secured state of material and non-material well-being of the territory under local
government, which is generated based on a sustainable, spatially inclusive, planned, individualised, conscious reproduction process.
Verification of this complex definition requires the study of Russian discourse using the RSCI scientometric base, since the fundamental factor of economic well-being is the characteristics of a specific territory, which requires considering the specific features of the Russian economic space.
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Information about the author
Elizaveta A. Belousova, Cand. Sc. (Econ.), Associate Prof. of Regional, Municipal Economics and Governance Dept. Ural State University of Economics, Ekaterinburg, Russia. E-mail: belousova-unir@usue.ru
© Belousova E. A., 2022
