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Is There an "Iron Law of Happiness"?

Author

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  • Richard A. Easterlin

Abstract

Contrary to the setpoint model of some psychologists, individual happiness does not tend to fluctuate around a constant level. Although the personality and genetic factors emphasized by setpoint theorists are important in explaining individual differences in happiness at a point in time, survey evidence demonstrates that over the life cycle economic circumstances, family life, health, and work are important in determining the course of happiness. However, life events do not necessarily dominate life cycle satisfaction in different domains, and economic theories of well-being would benefit from following psychologists’ lead by incorporating goals and adaptation.

Suggested Citation

  • Richard A. Easterlin, 2005. "Is There an "Iron Law of Happiness"?," IEPR Working Papers 05.8, Institute of Economic Policy Research (IEPR).
    • Handle: RePEc:scp:wpaper:05-8
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    Cited by:

    1. Jere R. Behrman & Olivia S. Mitchell & Cindy Soo & David Bravo, 2010. "Financial Literacy, Schooling, and Wealth Accumulation," NBER Working Papers 16452, National Bureau of Economic Research, Inc.
    2. Hans‐Peter Kohler & Jere R. Behrman & Axel Skytthe, 2005. "Partner + Children = Happiness? The Effects of Partnerships and Fertility on Well‐Being," Population and Development Review, The Population Council, Inc., vol. 31(3), pages 407-445, September.
    3. Graham, Liam & Oswald, Andrew J., 2010. "Hedonic capital, adaptation and resilience," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 372-384, November.
    4. van de Wetering, E.J. & van Exel, N.J.A. & Brouwer, W.B.F., 2010. "Piecing the jigsaw puzzle of adolescent happiness," Journal of Economic Psychology, Elsevier, vol. 31(6), pages 923-935, December.

    More about this item

    Keywords

    Happiness; Aspirations; Adaptation;
    All these keywords.

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines

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