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The happiness of economists: Estimating the causal effect of studying economics on subjective well-being

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  • Haucap, Justus
  • Heimeshoff, Ulrich

Abstract

This is the first paper that studies the causal effect of studying economics on subjective well being. Based on a survey among 918 students of economics and other social sciences, we estimate the effects of studying in the different fields on individual life satisfaction. Controlling for personal characteristics we apply innovative instrumental variable methods developed in labor and conflict economics. We find a positive relationship between the study of economics and individual well-being. Additionally, we also find that income and future job chances are the most important drivers of happiness for participants of our survey.

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  • Haucap, Justus & Heimeshoff, Ulrich, 2014. "The happiness of economists: Estimating the causal effect of studying economics on subjective well-being," International Review of Economics Education, Elsevier, vol. 17(C), pages 85-97.
    • Handle: RePEc:eee:ireced:v:17:y:2014:i:c:p:85-97
    DOI: 10.1016/j.iree.2014.08.004
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    Cited by:

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    3. Janhuba, Radek, 2019. "Do victories and losses matter? Effects of football on life satisfaction," Journal of Economic Psychology, Elsevier, vol. 75(PB).
    4. Alan Piper, 2022. "Optimism, pessimism and life satisfaction: an empirical investigation," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 69(2), pages 177-208, June.

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    More about this item

    Keywords

    Happiness; Life satisfaction; Economists; Students; Economics education;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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