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Lost in transition: Life satisfaction on the road to capitalism

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Listed author(s):
  • Easterlin, Richard A.
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    Abstract

    In the 1990s transition from socialism to capitalism in Eastern Europe life satisfaction followed the collapse and recovery of GDP, but failed to recover commensurately. By 2005, with GDP averaging about 25 per cent above its early 1990s level, life satisfaction was typically back to its earlier level, but was arguably still below pre-transition values. Increased satisfaction with material living levels occurred at the expense of decreased satisfaction with work, health, and family life. In the decade of the 1990s, disparities in life satisfaction increased with those hardest hit being the less educated and persons over age 30; women and men suffered about equally.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0167-2681(09)00108-5
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    Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

    Volume (Year): 71 (2009)
    Issue (Month): 2 (August)
    Pages: 130-145

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    Handle: RePEc:eee:jeborg:v:71:y:2009:i:2:p:130-145
    Contact details of provider: Web page: http://www.elsevier.com/locate/jebo

    Keywords: Happiness Transition Capitalism Socialism Loss aversion;

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