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Lost in Transition: Life Satisfaction on the Road to Capitalism

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  • Easterlin, Richard A.

    ()
    (University of Southern California)

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    Abstract

    In 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 Info

    Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 3409.

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    Length: 45 pages
    Date of creation: Mar 2008
    Date of revision:
    Publication status: published in: Journal of Economic Behavior and Organization, 2009, 71 (2), 130-145
    Handle: RePEc:iza:izadps:dp3409

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    Related research

    Keywords: transition; capitalism; socialism; loss aversion; happiness;

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    References

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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Real freedom & unhappiness
      by chris dillow in Stumbling and Mumbling on 2009-06-19 11:39:00
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    Cited by:
    1. Becchetti, Leonardo & Pelloni , Alessandra, 2010. "What are we learning from the life satisfaction literature?," AICCON Working Papers, Associazione Italiana per la Cultura della Cooperazione e del Non Profit 76-2010, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
    2. Grosfeld, Irena & Senik, Claudia, 2008. "The Emerging Aversion to Inequality. Evidence from Poland 1992-2005," CEPREMAP Working Papers (Docweb), CEPREMAP 0805, CEPREMAP.
    3. John Knight & Ramani Gunatilak, 2014. "Subjective Well-being and Social Evaluation in a Poor Country," CSAE Working Paper Series 2014-09, Centre for the Study of African Economies, University of Oxford.
    4. repec:hal:wpaper:halshs-00586788 is not listed on IDEAS

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