There is more to life than the cold numbers of GDP and economic statistics. I will evaluate data on well-being produced by the the Organization for Economic Cooperation & Development (OECD).
- Civic Engagement
- Work-Life Balance
I will use the OECD factors to build a model that will determine the top Factors for an increased Better Life Index.
Breaking Down Well-Being:
The Participating Countries
The Better Life Index
*Note about the Better Life Index Indicators moving forward
Each factor has 1-4 Indicators to analyze.
The overall F Stat is inherently low due to the fact this data is about human behavior as compared to a physical process.
Model Used For Final Conclusion:
- I built a multiple linear regression model with the indicators.
- I used backwards elimination to come up with strongest indicators of the Better Life Index
There are 3 factors that play a significant role for increased well-being: Health, Jobs & Housing.
I was able to narrow down the data to show these 4 key indicators. Leadership in the bottom 74% of the countries can focus on the following:
- Countries should focus on maintaining and promoting a high standard of health for residents. They should strive for Self Reported Health to be above 79%. (FACTOR: Health)
- Countries should focus on job security as well as mitigating job loss with effective unemployment insurance to attain a goal of less than 3.3% for Labor Market Insecurity. (FACTOR: Jobs)
- Countries should focus on reducing the overall number the homes without basic facilities to less than 0.7% for their residents. (FACTOR: Housing)
- Countries should focus on increasing Life Expectancy to 82 years old or higher. (FACTOR: Health)
Here’s the analysis of the logistical regressions for each indicator in Factors 2 – 11: