Economic insecurity and well-being

Working Paper Date:
Category: Social Development, Economic Analysis and Policy
Author: Lars Osberg
Document Symbol: ST/ESA/2021/DWP/173
JEL Classification: D6, D63, H55, I1, I30, I31 and I38, O10, P16
Keywords: well-being, economic insecurity, human rights, social protection, social security, Covid-19
Working Paper File:
wp173_2021.pdf 578.14 KB

In Article 25 (1) of the Universal Declaration of Human Rights, the United Nations recognized in 1948 the basic human right to “security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond ... control.” This paper examines how economic insecurity is related to, yet different from, poverty and inequality, why it matters for human well-being and how it has been changing in different countries around the world in recent years. The paper concludes with discussion of how economic insecurity has been and will be affected by the Covid-19 pandemic/recession.