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Predictors of Well-Being in High Income, Industrialized Countries and Their Related Effects

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  • Holcomb, Christopher
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    Abstract

    Motivated by both: academic research illuminating the diminishing returns nature of the relationship between income and subjective well-being, and the recent development of composite indices as alternatives to GDP, this paper seeks to analyze empirically the relationship between a variety of macro-level indicators and subjective well-being. As there has been a paucity of research on this subject on just high-income countries, the paper looks at only those countries and finds that the effects of GDP do indeed diminish in comparison to low-income countries. Furthermore, the empirical analysis overall supports the thesis that as GDP rises, the values of countries shift from personal survival and economic opportunity towards larger government, less working hours, and more emphasis on trust in institutions and people.

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    File URL: http://mpra.ub.uni-muenchen.de/53012/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53012.

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    Date of creation: 26 Apr 2013
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    Handle: RePEc:pra:mprapa:53012

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    Keywords: Well-being; Subjective Well-Being; World Values Survey; Alternatives to GDP; Development; Easterlin Paradox;

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    1. Stutzer, Alois & Frey, Bruno S., 2010. "Recent Advances in the Economics of Individual Subjective Well-Being," IZA Discussion Papers 4850, Institute for the Study of Labor (IZA).
    2. Brent Bleys, 2012. "Beyond GDP: Classifying Alternative Measures for Progress," Social Indicators Research, Springer, Springer, vol. 109(3), pages 355-376, December.
    3. Dolan, Paul & Peasgood, Tessa & White, Mathew, 2008. "Do we really know what makes us happy A review of the economic literature on the factors associated with subjective well-being," Journal of Economic Psychology, Elsevier, Elsevier, vol. 29(1), pages 94-122, February.
    4. Sarracino, Francesco, 2013. "Determinants of subjective well-being in high and low income countries: Do happiness equations differ across countries?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, Elsevier, vol. 42(C), pages 51-66.
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