The Economics of Happiness
AbstractEconomists have long considered themselves fortunate that micro-economic theory needs only be based on relative utility, as it is widely believed that utility is not measurable in absolute terms. But this view is no longer valid. The measurement of happiness constitutes a good approximation to utility. It is shown that research on happiness provides new evidence on important issues of economic theory and policy. In particular, it is shown how unemployment, income and inflation affect self-reported subjective well-being. The results are partly in line with accepted economics but partly throw doubt on it. Institutions, such as the type of democracy and the extent of political decentralisation, also systematically affect individual happiness.
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Bibliographic InfoArticle provided by World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE in its journal World Economics Journal.
Volume (Year): 3 (2002)
Issue (Month): 1 (January)
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- Bruno Frey, 2011.
"Tullock challenges: happiness, revolutions, and democracy,"
Springer, vol. 148(3), pages 269-281, September.
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- Alex Coram & Lyle Noakes, 2006. "Relative advantage, queue jumping, and welfare maximizing wealth distribution," UMASS Amherst Economics Working Papers 2006-08, University of Massachusetts Amherst, Department of Economics.
- John Malcolm Dowling & Yap Chin Fang, 2006. "Homeostasis and Well Being," Working Papers 09-2006, Singapore Management University, School of Economics.
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