Well-Being in Times of Decline: The Feasibility and Effectiveness of Degrowth for Sustainability

In the intensifying debate between degrowth and green growth, many recognize that degrowth is more effective in meeting the climate catastrophe. However, concerns about degrowth persist in regard to public acceptance of declining economic standards. Analyzing the experience of Greece during a long-term economic decline, this study finds that subjective well-being temporarily decreased but eventually rebounded to pre-decline levels. This indicates that a decline in economic standards does not necessarily result in a long-term well-being decline. Furthermore, Greece outperformed other European countries that pursued green growth policies in environmental reductions. Greece highlights the feasibility and effectiveness of degrowth for sustainability.<br>