It might also be worth checking other measures of or proxies for wellbeing against GDP, like suicide rates, substance (ab)use rates, mental illness rates, violence and other crime, life expectancy, etc.. Lots of confounders to worry about, though, including attitudes and stigma. Maybe some kind of random effects model, fixed effects model or mixed effects model should be used?
I think the standard approach here would be a two-way fixed effects models with whatever time-varying covariates you can get access to. It makes strong assumptions though:
The cutting edge here is probably the general cross-lagged panel model, which in the tutorial below could not distinguish the long-run effect of national income on national well-being from zero.
It might also be worth checking other measures of or proxies for wellbeing against GDP, like suicide rates, substance (ab)use rates, mental illness rates, violence and other crime, life expectancy, etc.. Lots of confounders to worry about, though, including attitudes and stigma. Maybe some kind of random effects model, fixed effects model or mixed effects model should be used?
Agreed re: other measures of well-being.
I think the standard approach here would be a two-way fixed effects models with whatever time-varying covariates you can get access to. It makes strong assumptions though:
https://doi.org/10.1017/pan.2020.33
The cutting edge here is probably the general cross-lagged panel model, which in the tutorial below could not distinguish the long-run effect of national income on national well-being from zero.
https://doi.org/10.1177%2F1094428119847278