Social and individual welfare is more than just material wealth at the individual and social levels. It is a holistic aspiration of modern societies that reaches into the social, economic, political, financial, cultural, and environmental character of a society that allows all individuals to realise their full potential in a fair and just way.
Such a composite and complex notion is extremely hard to capture in a holistic way into a universal linear metric. Welfare is multifaceted, heterogeneous across time and space and non-linear. To capture this multidimensional concept, we propose a new composite index that seeks to explore, understand, measure, and reframe welfare; the Reframing Welfare Index (RWI). The proposed RWI addresses both normative and methodological issues that previous metrics lack, aiming at a holistic and robust measure of welfare.
The framework of the Index captures welfare in four main categories, the Foundations of welfare:
- Just Societies