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Behavioral Approach To The Sustainability Of The Socioeconomic Order

Author

Listed:
  • Teodor Sedlarski

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

Abstract

This article elaborates on the ability of the socioeconomic system based of free markets to provide the expected result associated with it – sustainable levels of subjective wellbeing. Concepts from emerging research fields such as happiness economics, economics of social status, behavioral economics are used to shed light on often overlooked effects that accompany the increased freedom of choice, social mobility and material abundance.

Suggested Citation

  • Teodor Sedlarski, 2018. "Behavioral Approach To The Sustainability Of The Socioeconomic Order," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 16(1), pages 269-290, December.
  • Handle: RePEc:sko:yrbook:v:16:y:2018:i:1:p:269-290
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    File URL: http://www.feba.uni-sofia.bg/sko/yrbook/Yearbook16-14.pdf
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    More about this item

    Keywords

    socioeconomic order; institutions; hedonic treadmill; subjective wellbeing; relative income; conspicuous consumption; adaptation-level theory; social status; prospect theory;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • P36 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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