SELECTED DETERMINANTS ON WELFARE ENHANCEMENT. A THEORETICAL AND EMPIRICAL VIEW

The greatest challenge faced by modern economies is to find the appropriate tools to trigger and enhance welfare. The new sustainable economic development approach supports the replacement of the traditional growth objective with the welfare objective, including a set of values governing economic and social progress. Therefore, the paradigm focusing on economic development should be improved with new insights that may contribute to a new approach of welfare. The paper focuses on the effects of selected determinants on welfare - measured by the HDI, using a „pool data” model, for 29 countries, structured into five social-economic submodels, during 2000-2010.