What do happy people choose: rapid economic growth or stable economy?
AbstractHow SWB affects individual states, outcomes, or decisions is well established in the literature, but how it affects macroeconomic states, outcomes, or decisions remains an open empirical question. This paper focuses on the public policy issue of economic progress defined as either rapid economic growth or stable economy. Results indicate a negative relationship between high SWB and choice for rapid economic growth or stable economy. This conclusion holds for people in the upper-income and middle-income countries, but not so for people in the low-income countries. In fact, results suggest that people in the low-income countries attend less to either rapid economic growth or stable economy regardless of their SWB.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 38851.
Date of creation: 17 May 2012
Date of revision:
Happiness; subjective well-being; economic policy;
Find related papers by JEL classification:
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
- D00 - Microeconomics - - General - - - General
- E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-05-29 (All new papers)
- NEP-CWA-2012-05-29 (Central & Western Asia)
- NEP-EVO-2012-05-29 (Evolutionary Economics)
- NEP-FDG-2012-05-29 (Financial Development & Growth)
- NEP-POL-2012-05-29 (Positive Political Economics)
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