What is it about?
The non-economic variables are found to be important in economic planning. The paper examined the impact of psychological factors (non-economic variables) on economic growth and found that psychological human behavior, psychological demographic characteristics, and psychological economic factor are positively and significantly impacting the economic growth. However, the psychological environmental factors are negatively and insignificantly impacting the economic growth. The study used 211 individuals from 4 districts in Tanzania. The structural equation modelling (SEM) was used to examine the linearity assumption of the model.
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Why is it important?
This paper add value on the existing literature, as it broadening the definition of happiness from its traditional definition. The paper the happiness as the outcomes of both psychological well-being and subjective well-being, which the traditional of happiness only consider the happiness as the subjective well-being. The paper integrates the hedonistic and Eudaimonic theories of well-being, and established the happiness timing model; the Quasi-Sinusoidal theory of happiness
Perspectives
Writing this paper was a very impressive work as I motivated by the social reality on economic performance disparity in two regions in Tanzania. The paper is a part of my PhD (Economic) project.
Dr. Ntogwa Ng'habi Bundala
Tanzania Police Force
Read the Original
This page is a summary of: Structural Modelling of Psychological Limiting Factors for Economic Growth, South Asian Journal of Social Studies and Economics, December 2020, Sciencedomain International,
DOI: 10.9734/sajsse/2020/v8i430223.
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