Lost in Transition: Life Satisfaction on the Road to Capitalism
AbstractIn the transition from socialism to capitalism in Eastern Europe life satisfaction has followed the V-shaped pattern of GDP but failed to recover commensurately. In general, increased satisfaction with material living levels has occurred at the expense of decreased satisfaction with work, health, and family life. Disparities in life satisfaction have increased markedly with those hardest hit being the less educated and persons over age 30; women and men have suffered about equally. The asymmetric response of life satisfaction to decreases in GDP in transition countries and increases in GDP in non-transition countries is arguably due to loss aversion.
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Bibliographic InfoPaper provided by DIW Berlin, The German Socio-Economic Panel (SOEP) in its series SOEPpapers on Multidisciplinary Panel Data Research with number 94.
Length: 44 p.
Date of creation: 2008
Date of revision:
Happiness; transition; capitalism; socialism; loss aversion;
Find related papers by JEL classification:
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- P5 - Economic Systems - - Comparative Economic Systems
- P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
- D60 - Microeconomics - - Welfare Economics - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-04-12 (All new papers)
- NEP-HAP-2008-04-12 (Economics of Happiness)
- NEP-LTV-2008-04-12 (Unemployment, Inequality & Poverty)
- NEP-SOC-2008-04-12 (Social Norms & Social Capital)
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