Wealth and Welfare: Differentiating the Roles of Individual Income and National Economy in Moderating the Links Between Perceived Scarcity, Well‐Being and Health

This study aimed to explore the relationships between perceived scarcity, individual well-being, and health, and to assess the moderating roles of personal income and national economic wealth. The research utilized data from the World Values Survey, which included responses from over 160,000 participants across 81 countries. It specifically analyzed how perceptions of scarcity affect psychological and physical health, incorporating variables such as personal income and national wealth. The findings indicated that higher personal income can buffer the adverse effects of perceived scarcity on individual well-being and health. Conversely, greater national wealth was found to exacerbate these negative effects, suggesting a complex interaction between personal and national economic conditions. The study highlights the protective role of personal income in mitigating the detrimental impacts of perceived scarcity on health and well-being. However, it also reveals a paradoxical effect where national wealth intensifies these negative outcomes. These insights are crucial for developing tailored policy measures and socioeconomic strategies that consider varied economic contexts across countries.