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2020 ; 151
(3
): 793-813
Nephropedia Template TP
gab.com Text
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Requiem for a Dream: Perceived Economic Conditions and Subjective Well-Being in
Times of Prosperity and Economic Crisis
#MMPMID32836672
Fernandez-Urbano R
; Kulic N
Soc Indic Res
2020[]; 151
(3
): 793-813
PMID32836672
show ga
Using the Panel of Social Inequalities in Catalonia, Spain (PaD 2001-2012), this
article investigates the relationship between perceptions of economic conditions
and subjective well-being in times of prosperity and economic crisis. It also
analyses how this relationship plays out across different social backgrounds.
Periods of economic crisis and prosperity serve as a proxy for objective
macroeconomic conditions. The Spanish region of Catalonia is a relevant setting
because it faced one of the highest increases in inequality and unemployment in
Europe as a result of the 2008 Economic Crisis. Our results show that perceived
economic conditions matter beyond objective micro and macroeconomic realm and
become a strong determinant of subjective well-being during a crisis,
particularly for the middle class. However, contrary to our initial expectations,
our results also show the existence of a close correlation between perceptions of
economic conditions and subjective well-being for low social background
individuals in times of economic prosperity, and an even stronger relationship in
times of economic crisis. The article stipulates several potential explanations
for these results.