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Economics and Happiness Research: Insights from Austrian and Public Choice Economics

In: Happiness and Public Policy

Author

Listed:
  • Christopher J. Coyne
  • Peter J. Boettke

Abstract

Over the past decade economists have increasingly focused on the implications of happiness, also known as subjective well-being, for economic theory and policy.1 The focus on happiness can be seen as part of the larger behavioral movement in economics. To understand the growth and impact of this area of research, consider that the 2002 Nobel Prize in economics was awarded to a psychologist, Daniel Kahneman, “for having integrated insights from psychological research into economic science, especially concerning human judgment and decision making under uncertainty.”2 The main focus of the happiness and economics research has been on understanding the interconnection between economic outcomes and the resulting happiness of economic actors. The work in this area has yielded many implications for policy in a number of areas including public finance (government expenditure and taxation), welfare policy and labor law.

Suggested Citation

  • Christopher J. Coyne & Peter J. Boettke, 2006. "Economics and Happiness Research: Insights from Austrian and Public Choice Economics," Palgrave Macmillan Books, in: Yew-Kwang Ng & Lok Sang Ho (ed.), Happiness and Public Policy, chapter 5, pages 89-105, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28802-7_5
    DOI: 10.1057/9780230288027_5
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    Cited by:

    1. Paul Dolan & Tessa Peasgood, 2008. "Measuring Well-Being for Public Policy: Preferences or Experiences?," The Journal of Legal Studies, University of Chicago Press, vol. 37(S2), pages 5-31, June.
    2. Nimish Adhia, 2017. "Happiness Economics and Its Discontents," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 32(Spring 20), pages 77-88.

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