Perspectives from the Happiness Literature and the Role of New Instruments for Policy Analysis
After having been ignored for a long time by economists, happiness is becoming an object of serious research in 21st century economics. In Section 2 we sketch the present status of happiness economics. In Section 3 we consider the practical applicability of happiness economics, retaining the assumption of ordinal individual utilities. In Section 4 we introduce a cardinal utility concept, which seems to us the natural consequence of the happiness economics methodology. In Section 5 we sketch how this approach can lead to a normative approach to policy problems that is admissible from a positivist point of view. Section 6 concludes. (JEL codes: B21, B41, D63, I31, I38) Copyright 2007, Oxford University Press.
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Volume (Year): 53 (2007)
Issue (Month): 1 (March)
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