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Political Economy Of Social Status - Happiness In Today’S Socio-Economic Order From The Perspective Of Behavioral Economics

Author

Listed:
  • Teodor Sedlarski

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

Abstract

This article analyzes the implications of social status comparison for the subjective wellbeing in todays market economies. It utilizes insights from behavior economics and takes into account cognitive specifics such as the availability bias, representativeness heuristic, the anchoring, framing and loss aversion. These characteristics of how humans perceive reality contribute to the negative externalities that conspicuous consumption by super stars extort on growing number of individuals. The insecurity of one's own social standing in the complex and constantly changing world, the omnipresent buyer's remorse due to the multitude of available consumption choices diminish the perceived benefits for human happiness from economic growth in consumerist societies.

Suggested Citation

  • Teodor Sedlarski, 2020. "Political Economy Of Social Status - Happiness In Today’S Socio-Economic Order From The Perspective Of Behavioral Economics," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 19(1), pages 171-197, December.
    • Handle: RePEc:sko:yrbook:v:19:y:2020:i:1:p:171-197
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