Financial Services, Economic Growth and Well-Being: A Four-Pronged Study

TL;DR

This paper proposes a comprehensive four-pronged methodology to better understand the complex relationship between financial services, economic growth, and well-being, emphasizing interconnectedness and holistic metrics beyond traditional economic indicators.

Contribution

It introduces a novel four-pronged approach to analyze social science phenomena, specifically applied to financial services and well-being, highlighting interconnectedness and the need for holistic measurement.

Findings

Economic growth alone is insufficient to measure well-being.

A deeper understanding of welfare components is essential.

Current metrics should be supplemented with holistic well-being measures.

Abstract

A four-pronged approach to dealing with Social Science Phenomenon is outlined. This methodology is applied to Financial Services, Economic Growth and Well-Being. The four prongs are like the four directions for an army general looking for victory. Just like the four directions, we need to be aware that there is a degree of interconnectedness in the below four prongs. -Uncertainty Principle of the Social Sciences -Responsibilities of Fiscal Janitors -Need for Smaller Organizations -Redirecting Growth that Generates Garbage The importance of gaining a more profound comprehension of welfare and delineating its components into those that result from an increase in goods and services, and hence can be attributed to economic growth, and into those that are not related to economic growth but lead to a better quality of life, is highlighted. The reasoning being that economic growth alone is an inadequate indicator of well-being. Hand in hand with a better understanding of the characteristics of welfare, comes the need to consider the metrics we currently have that gauge economic growth and supplement those with measures that capture well-being more holistically.