The social life of an individual encompasses various aspects like togetherness with friends, relationship with neighbours, and association with colleagues, travelling to new places, daily interactions with acquaintances, going out to market places, and having leisure time outside the general lifestyle. For having a good livelihood, we often check the status of employment of that individual. We find that having a permanent employment helped one realize the happy and contented life one might ask for (Schwarz, 2018). Economic stability is achieved when they have a stable income with which they have the free will to consume various goods and services, travel to places, and have a permanent home to live and capability to pay for rents. In essence we would analyse in this report how economic stability would impact these social aspects of individuals and to what degree they feel socially included when they have a regular job in hand (Blau, 2017). Social inclusion would be judged with respect employment and salary and what impact it have brought to the social life of the people in general.
Economic stability in the macro sense is defined as the condition when fluctuations in the economy is very less. The economy is not suffering from any disruptions like recession or supply shock situations that it pose sudden downward pressure on the gross output of the economy. As identified by Özpençe, (2017) that economic stability is achieved when economy is maturing, there is full employment level and price stability. With respect to the Turkey (Özpençe, 2017), a middle high income nation, the authors have shown that from 2008 to 2017, inflation and unemployment have a negative relation with each other while unemployment have impacted the growth of industrial production. The author have used primary data analysis and maximum likelihood model to analyse the data. The results reveal that inflation is not important stability indicator while a stable economic growth is achieved with full employment. On the other hand economic instability is defined as the condition when the prices, employment, income levels change frequently. Instability is achieved when it becomes hard to analyse the data present and predict from them as conditions are highly uncertain. Hence stability can be achieved when these things are not volatile. Study says that in micro sense the income stability for a household can be deemed as economic stability. To achieve economic stability among low income household’s social programs should be promoted and they impact the life of the children in the families (Hardy, Hill & Romich, 2019).
Social life of an individual is a very big aspect and a broad topic. It includes the behaviour of the individuals under various social settings. Human beings are social who feels secure to live within communities, families and gatherings. There is cooperative structure within individuals which make them interact with each other. The study by Flatt et al., (2015) suggest that social relationships impact the health of an individual. As such adults who are social have a healthy lifestyle and life while isolated people can have health issues. The social life of an individual can also be defined in terms of activities which are four in types like altruism, creativity, motion and game. Their main purpose is to provide with enjoyment, stimulation, belongingness and relaxation. Study by have investigated on these activities and their impact on well-being. For older aged people, social activities can activate positivity in their cognitive health. The study by Kelly et al., (2017) deals with how social relationships are dependent on social networks and activities. Their results reveal that there is positive relation between social activities and global cognition, memory processing speed. Hence it directly impacts how they can be disadvantaged when social activities can stop. Social relationships with community, neighbourhood and society as a whole has strong connections with the physical health of an individual. The authors Holt-Lunstad, (2018) have applied the social ecological model to access this relationship and have made policy recommendations to raise social support.
In regard to these there are several ways in which economic and income stability might impact the social life of the individuals in general. Economic stability can also be defined in terms of the income distribution which is somewhat constant in an economy. The changes in income distribution is a complex aspect which takes targeted policies to change for the betterment of the social and economic life of the citizens. In regard study by Bilan et al., (2020) have found that income distribution impacts the motivation to work and satisfaction level in the life. The authors by conducting the study in European Union have found with high equality in income distribution, the success in social and economic sphere are highly correlated; labour share in GDP are high showing higher engagement in work and productivity. This is clearly visible in high Human Development Index.
The study by VanderWeele, (2017) have found out that human life is not just encompassed with health, economic satisfaction but also by hedonic happiness. The interrelated aspects being, family, work, education, religious containment, close social relationships, character and virtue, happiness and life satisfaction which are related to each other to provide the human being with the true feeling of belonging to the society he lives in. the study rightfully concludes that human flourishing is determined by the social belongingness within family, work, religion and education. These factors pose serious implications on resource allocation. Human flourishing can be improved when policies are oriented towards the social belongingness factors while maintaining the improvement of emotional and psychological factors’ like marriage, social relationships, happiness and life satisfaction. The role of social programs and economic stability is thus established that without proper economic and income stability in work, job, savings and macroeconomic atmosphere is required to maintain the social life at a point which positively influence the overall livelihood.
The methodology section briefly mentions the tools that the researcher have used in the study. The research onion is the overall structure of the methodology which shows the philosophy, research design and strategies of the study. In this regard the study would utilize the pragmatism philosophy as this philosophy deals with investigation of any research topic from theoretical background and logical way of conducting the research. The research design adopted here is descriptive in nature as description of the ways in which economic stability and social life are related would be explored. The research methodology that have been adopted in this study is secondary qualitative method. The research approach is inductive in nature as the study would focus on the general aspect of the economic stability or instability and its impact on the social life of the individual’s in general. This would be an exploratory study as it is feasible to explore the relation that these two aspect have between them. The data that would be used in the study is qualitative in nature meaning, it is in form of description or attributes which do not take any quantitative nature. The secondary source of data collection means that the sources are already present in documented form like journal articles, government reports and international agencies lie OECD and IMF or World Bank on social life and programs that show how much is economic and income stability is necessary in one’ life. The research question of how economic stability impacts the social life of the individual are related to each other and how stability impacts social life would be discussed from various literature, journal articles, newspaper and government reports of social programs. The study through the literature review have identified the factors that bring economic stability and in essence the impacts of those specific factors of economic stability on social life would be analysed through secondary qualitative data.
The World Bank defines social inclusion as the process by which the individuals and groups of people are added to the social processes; how they are added to participate in the social activities. The World Bank takes this opportunity of social inclusion (World Bank, 2021) into society to improve the ability of those individuals to partake, to achieve the dignity of living, reduce the disadvantage of the people who do not identify themselves as part of the social structure due to various barriers and restrictions (Health.gov, 2021). The World Bank have the opportunity to reduce the inequality in access to various policies, to stand by the voiceless, to improve their livelihood by reducing poverty, support the communities. The governments have the utmost role to bring the ones who are socially disadvantaged and vulnerable populations. Studies suggest that due to gender inequality global loss is about $160.2 trillion. While the due to high rate of poverty in the Afro-descendants, 90% of the children have not attended school. The LGBQT communities who again are marginalized due to their sexuality are cornered and this have increased the rate of violence, discrimination posed upon their lives as they are not socially included in employment. The Covid-19 pandemic have been an eye opener to how sustainable livelihoods are essential when economic structure posed by capitalist modes of production are highly unequal and non-resilient in nature. Almost all nations during the pandemic have faced the fact that the most vulnerable communities are those who are under poverty line, lacks social inclusion and are economically having an unstable life. The study by the OECD reveals that the pandemic calls for re-balancing the efficiency and resilience in the economic structure such that the poor and economically instable can be cushioned against future crisis and recessions (Oecd.org., 2021). The pandemic have led to loss of jobs and salaries, which have let the consumers draw down their savings
and reduced their financial resilience. The figure 1 shows that the maximum loss of income during the pandemic has been in the share of the poorest while the richest had lost lesser income. The poorest who already had less income had to lose more which aggravated the income inequality in the short run and wealth inequality in the long run. As shown in figure 2 we find the main actions taken for social inclusion are making services available during crisis, providing information regarding the crisis’ nature, community support provisions, infrastructure development to ensure sustainability.
The OECD study on inclusion growth have given the policy perspective of the social inclusion and economic stability as the medium of prosperity among the group of people who are poor both in poor nations and in high income nations. They form the vulnerable people who are most impacted when a crisis period is seen. During the pandemic, unskilled, homeless people, women, children, lower middle income people and people below the poverty line in almost every nation have faced the maximum risk. The OECD study calls for protection of the youth as they form the labour force and more access to education to raise the income level of the nation through participation and social inclusion in the job labour market (Oecd.org, 2021) Crisis periods are thus those points in the business cycle when the population loses its economic stability as such the whole economic system is unstable when there is a recession or a depression. This spills overs to the consumers as a whole. This thus shows the society that job losses and loss of financial stability are directly linked with the loss of wellbeing and welfare of the most vulnerable people (Health.gov., 2021).
Figure 1 Income loss by income groups during pandemic
Source: (World Bank, 2021)
Figure 2 Major Inclusive Actions
Source: (World Bank, 2021)
Conclusion
We find that when there is economic instability the resilience of the general social structure is lost. The society as a whole faces the challenge of maintaining the desired social life they enjoyed otherwise. Loss of social inclusion is how the society becomes exposed to risks and vulnerability and the poor people are part of this society. The studies shows that on a global scale, the pandemic have called for sustainable social structures which are resilient enough to cushion the negative shocks on the livelihood of the poor and impoverished.
References
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Blau, P. M. (2017). Exchange and power in social life. Routledge.
Flatt, J. D., Hughes, T. F., Documét, P. I., Lingler, J. H., Trauth, J. M., & Albert, S. M. (2015). A qualitative study on the types and purposes of social activities in late life. Activities, adaptation & aging, 39(2), 109-132.
Hardy, B., Hill, H. D., & Romich, J. (2019). Strengthening social programs to promote economic stability during childhood. Social policy report, 32(2), 1-36.
Hawkley, L. C., & Kocherginsky, M. (2018). Transitions in loneliness among older adults: A 5-year follow-up in the National Social Life, Health, and Aging Project. Research on aging, 40(4), 365-387.
Health.gov. (2021). Economic Stability – Healthy People 2030 | health.gov. Retrieved 18 December 2021, from https://health.gov/healthypeople/objectives-and-data/browse-objectives/economic-stability
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