Measuring economic, social and environmental wellbeing of Asian economies

This study aims to address the economic, social, and environmental wellbeing issues simultaneously by measuring the carbon intensity of wellbeing (CIWB) of Asian economies employing Prais-Winsten and pooled OLS estimator. The measure of CIWB is made taking into account a ratio of the two indicators-CO₂ emissions per capita and life expectancy at birth. There is a paucity of studies that concentrate on human and social wellbeing indicators (i.e., water, sanitation, life expectancy) together applying the Environmental Kuznets Curve (EKC) hypothesis. Therefore, we have also investigated the EKC hypothesis as this theory hypothesizes the link involving human and environmental wellbeing and development. The findings utilizing the two econometric techniques indicate that in both the estimation models urban population access to an improved water source and total population access to improved water source has consistently negative and significant effects on CIWB. The fertility rate and prevalence of HIV pose no threat to CIWB. These findings demonstrate that social and human wellbeing indicators of the Asian economies are sustainable to this moment as they are lowering CIWB which is desirable. Contrary, GDP per capita, exports as a percent of GDP, and urban population have a significant and positive impact on CIWB which poses a challenge for the sustainability issue. We also have found the existence of the EKC hypothesis indicating environmental quality will increase past a turning point. The findings of the paper are well matched with the view of the "Economic and ecological modernization" theory and "human ecology" theory.