How Much does Social Capital Contribute to Subjective Well-being of Thai People?
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Abstract
This paper explores the how social capital effect subjective well-being of Thai people and compares how Thai people across generations value social capital by means of the Life Satisfaction Approach. Using the Survey of Quality of Life in Accordance with Sufficiency Economy 2018 conducted by the National Statistical Office of Thailand, it is found that close family and community relationship, generosity, social solidarity, and social trust generate positive impacts to overall life satisfaction. Comparing the different elements of social capital, Thai people put greater value on family closeness. The shadow prices of the feeling of being in a warm (loving) family is worth up to approximately 0.91 – 0.97 times the monthly per capita income. The value of social capital also varies across generations. Those in Generation Y are in the early stages of working and forming a new family as so tend to value social trust more strongly than Baby Boomers and Generation X. This shows that public policy goals that aim to maximize people’s happiness should consider family relations a high priority.
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