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Subjective and Objective Well-Being in Relation to Economic Inputs: Puzzles and Responses

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  • Des Gasper

Abstract

Systematic, large discrepancies exist between direct measures of well-being and the measures that economists largely concentrate on, notably income. The paper assesses and rejects claims that income is satisfactorily correlated with well-being, and addresses the implications of discrepancies between income measures and measures of subjective well-being (SWB) and objective well-being (OWB) and also between subjective and objective well-being measures themselves. It discusses a range of possible responses to the discrepancies: for example, examination of the specifications used for income, SWB and OWB, and looking for other causal factors and at their possible competitive relations with economic inputs to well-being. It rejects responses that ignore the discrepancies or drastically downgrade their significance by adopting a well-being conception that ignores both SWB and OWB arguments (e.g.: by a claim that all that matters is choice or being active). It concludes that the projects of Sen and others to build syntheses of the relevant responses require further attention.

Suggested Citation

  • Des Gasper, 2005. "Subjective and Objective Well-Being in Relation to Economic Inputs: Puzzles and Responses," Review of Social Economy, Taylor & Francis Journals, vol. 63(2), pages 177-206.
    • Handle: RePEc:taf:rsocec:v:63:y:2005:i:2:p:177-206
    DOI: 10.1080/00346760500130309
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    Cited by:

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    2. Drakopoulos, Stavros A. & Grimani, Katerina, 2013. "Maslow’s Needs Hierarchy and the Effect of Income on Happiness Levels," MPRA Paper 50987, University Library of Munich, Germany.
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    5. Drakopoulos, Stavros, 2011. "Hierarchical Needs, Income Comparisons and Happiness Levels," MPRA Paper 48343, University Library of Munich, Germany.
    6. Gasper, D.R., 2009. "Understanding the diversity of conceptions of well-being and quality of life," ISS Working Papers - General Series 483, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
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    11. Stavros Drakopoulos, 2008. "The paradox of happiness: towards an alternative explanation," Journal of Happiness Studies, Springer, vol. 9(2), pages 303-315, June.
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    14. Jason Hung, 2023. "Policy-Oriented Examination of Left-Behind Children’s Health and Well-Being in China," Sustainability, MDPI, vol. 15(7), pages 1-12, March.
    15. Mohsen Joshanloo & Veljko Jovanović & Tim Taylor, 2019. "A multidimensional understanding of prosperity and well-being at country level: Data-driven explorations," PLOS ONE, Public Library of Science, vol. 14(10), pages 1-31, October.
    16. Drakopoulos, Stavros A. & Grimani, Katerina, 2015. "The Effect of Pay Cuts on Psychological Well-Being and Job Satisfaction," MPRA Paper 61195, University Library of Munich, Germany.
    17. Gasper, Des, 2010. "Understanding the diversity of conceptions of well-being and quality of life," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(3), pages 351-360, June.
    18. Matthys, Marie-Luise & Acharya, Sushant & Khatri, Sanjaya, 2021. "“Before cardamom, we used to face hardship”: Analyzing agricultural commercialization effects in Nepal through a local concept of the Good Life," World Development, Elsevier, vol. 141(C).
    19. Gasper, Des, 2007. "What is the capability approach?: Its core, rationale, partners and dangers," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(3), pages 335-359, June.
    20. Gasper, D.R., 2006. "Uncounted or illusory blessings? Competing responses to the Easterlin, Easterbrook and Schwartz paradoxes of well-being," ISS Working Papers - General Series 19189, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    21. Phillips, Tarryn & Taylor, John & Narain, Edward & Chandler, Philippa, 2021. "Selling Authentic Happiness: Indigenous wellbeing and romanticised inequality in tourism advertising," Annals of Tourism Research, Elsevier, vol. 87(C).
    22. Alexandra Palm, 2020. "Mobile phone use and subjective well-being: Implications for responsible research and innovation," Working Papers on Innovation Studies 20200823, Centre for Technology, Innovation and Culture, University of Oslo.
    23. Ana Maria Bedran-Martins & Maria Carmen Lemos & Arlindo Philippi, 2018. "Relationship between subjective well-being and material quality of life in face of climate vulnerability in NE Brazil," Climatic Change, Springer, vol. 147(1), pages 283-297, March.
    24. Vani S. Kulkarni & Veena S. Kulkarni & Raghav Gaiha & Katsushi S. Imai, 2023. "Changes in Subjective Well-Being in India," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 168(1), pages 607-644, August.
    25. Deshpande, Ashwini & Ramachandran, Rajesh, 2022. "Early childhood stunting and later life outcomes: A longitudinal analysis," Economics & Human Biology, Elsevier, vol. 44(C).

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