ABSTRACT
This chapter focuses on economic wellbeing when constructing models of individual/household, social groups/communities and firm-level economic wellbeing. Economic wellbeing specifically refers to the command over resources and relations, and the satisfaction thereof. Economic wellbeing, like human wellbeing, is thus three-dimensional. Economic structure refers to the way in which the economy is organized around its resource agents, institutions and sectors at multiple levels. The economy is internally related through resource agents and resource flows. Macroeconomic processes and outcomes emerge out of microlevel interactions among resource agents, and mesolevel structures. The Wellbeing Economics Matrix (WEM) resembles a social-accounting matrix (SAM); an economic accounting tool that is used by economic analysts and planners for projecting monetary transactions in an economy, or the outcomes of any changes therein. The WEM provides a robust framework for a more comprehensive analysis of resource flows between resource agents in the paid and unpaid economy, and how these explain individual and collective levels of wellbeing.
