Advanced Search
MyIDEAS: Login

Emotions, Happiness and Growth: Spinoza, James, and Ramsey

Contents:

Author Info

  • Joao Ricardo Faria
Registered author(s):

    Abstract

    This paper adapts the Ethics of Spinoza into the Ramsey growth model and shows that the way people conceive and understand life, related to emotions of joy and sorrow, affects economic performance. The model has multiple equilibria: The Spinoza solution, optimism, leads to greater capital accumulation, income and consumption levels, while William James's solution, pessimism, leads to a worse economic performance. The Ramsey model, where emotions balance, lies in between these two solutions, showing that the neoclassical growth model can be seen as a particular case of the Spinoza model. Finally, regarding the relationship between emotions and economics, in the Spinoza and William James solutions emotions and happiness are determined independently from economic variables. Only in the Ramsey case are emotions explained by income and consumption.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.economicissues.org.uk/Files/2011/211dfaria.pdf
    Download Restriction: no

    Bibliographic Info

    Article provided by Economic Issues in its journal Economic Issues.

    Volume (Year): 16 (2011)
    Issue (Month): 2 (September)
    Pages: 81-92

    as in new window
    Handle: RePEc:eis:articl:211dfaria

    Contact details of provider:
    Postal: Burton Street, Nottingham, NG1 4BU
    Web page: http://www.economicissues.org.uk
    More information through EDIRC

    Related research

    Keywords:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Oswald, A.J., 1997. "Happiness and Economic Performance," Papers 18, Centre for Economic Performance & Institute of Economics.
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:eis:articl:211dfaria. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dan Wheatley).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.