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Good for the soul: The relationship between work, wellbeing and psychological capital

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  • Cole, Kenneth
  • Daly, Anne
  • Mak, Anita
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    Abstract

    Research shows that unemployment negatively affects a person's wellbeing, which in turn can impair their ability to regain employment. Studies also suggest a person's 'psychological capital' (PK) (personality traits that influence the productivity of labour) influences the impact of unemployment on wellbeing and facilitates re-employment. This paper combines various economic and psychological theories of unemployment, and using 2004 cross-sectional data from Australia, tests the hypothesis of a simultaneous relationship between employment status and wellbeing and the mediating role of PK. Results support a simultaneous relationship and the partial mediating effect of PK. Individuals with poor PK are at greater risk of being unemployed.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

    Volume (Year): 38 (2009)
    Issue (Month): 3 (June)
    Pages: 464-474

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    Handle: RePEc:eee:soceco:v:38:y:2009:i:3:p:464-474

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    Web page: http://www.elsevier.com/locate/inca/620175

    Related research

    Keywords: Unemployment Personality Wellbeing;

    References

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    1. Goldsmith, Arthur H. & Veum, Jonathan R. & Darity, William Jr., 2000. "Working hard for the money? Efficiency wages and worker effort," Journal of Economic Psychology, Elsevier, vol. 21(4), pages 351-385, August.
    2. Clark, Andrew E & Georgellis, Yannis & Sanfey, Peter, 2001. "Scarring: The Psychological Impact of Past Unemployment," Economica, London School of Economics and Political Science, vol. 68(270), pages 221-41, May.
    3. William Darity, Jr. & Arthur H. Goldsmith, 1993. "Unemployment, Social Psychology, and Unemployment Hysteresis," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(1), pages 55-71, October.
    4. John F. Tomer, 2003. "Personal Capital and Emotional Intelligence: An Increasingly Important Intangible Source of Economic Growth," Eastern Economic Journal, Eastern Economic Association, vol. 29(3), pages 453-470, Summer.
    5. Andrew E. Clark, 2003. "Unemployment as a Social Norm: Psychological Evidence from Panel Data," Journal of Labor Economics, University of Chicago Press, vol. 21(2), pages 289-322, April.
    6. Paul Flatau & June Galea & Ray Petridis, 2000. "Mental Health and Wellbeing and Unemployment," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 33(2), pages 161-181.
    7. Goldsmith, Arthur H & Veum, Jonathan R & Darity, William, Jr, 1997. "The Impact of Psychological and Human Capital on Wages," Economic Inquiry, Western Economic Association International, vol. 35(4), pages 815-29, October.
    8. Goldsmith, Arthur H. & Veum, Jonathan R. & Darity, William Jr., 1997. "Unemployment, joblessness, psychological well-being and self-esteem: Theory and evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 26(2), pages 133-158.
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    Cited by:
    1. Eileen Trzcinski & Elke Holst, 2010. "Interrelationships among Locus of Control and Years in Management and Unemployment: Differences by Gender," Discussion Papers of DIW Berlin 974, DIW Berlin, German Institute for Economic Research.
    2. Peter Meer, 2014. "Gender, Unemployment and Subjective Well-Being: Why Being Unemployed Is Worse for Men than for Women," Social Indicators Research, Springer, vol. 115(1), pages 23-44, January.
    3. Bender, Keith A., 2012. "An analysis of well-being in retirement: The role of pensions, health, and ‘voluntariness’ of retirement," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(4), pages 424-433.

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