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What do happy people choose: rapid economic growth or stable economy?

  • Beja Jr., Edsel L.
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    How SWB affects individual states, outcomes, or decisions is well established in the literature, but how it affects macroeconomic states, outcomes, or decisions remains an open empirical question. This paper focuses on the public policy issue of economic progress defined as either rapid economic growth or stable economy. Results indicate a negative relationship between high SWB and choice for rapid economic growth or stable economy. This conclusion holds for people in the upper-income and middle-income countries, but not so for people in the low-income countries. In fact, results suggest that people in the low-income countries attend less to either rapid economic growth or stable economy regardless of their SWB.

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    File URL: https://mpra.ub.uni-muenchen.de/38851/1/MPRA_paper_38851.pdf
    File Function: original version
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38851.

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    Date of creation: 17 May 2012
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    Handle: RePEc:pra:mprapa:38851
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    1. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
    2. Ronald Bosman & Frans van Winden, 2006. "Global Risk, Investment, and Emotions," DNB Working Papers 112, Netherlands Central Bank, Research Department.
    3. Bosman, Ronald & Sutter, Matthias & van Winden, Frans, 2005. "The impact of real effort and emotions in the power-to-take game," Journal of Economic Psychology, Elsevier, vol. 26(3), pages 407-429, June.
    4. Stutzer, Alois & Frey, Bruno S., 2005. "Does Marriage Make People Happy, Or Do Happy People Get Married?," IZA Discussion Papers 1811, Institute for the Study of Labor (IZA).
    5. Cahit Guven, 2009. "Reversing the Question: Does Happiness Affect Consumption and Savings Behavior?," SOEPpapers on Multidisciplinary Panel Data Research 219, DIW Berlin, The German Socio-Economic Panel (SOEP).
    6. Ada Ferrer-i-Carbonell & Paul Frijters, 2002. "How important is Methodology for the Estimates of the Determinants of Happiness?," Tinbergen Institute Discussion Papers 02-024/3, Tinbergen Institute.
    7. Oreopoulos, Philip, 2007. "Do dropouts drop out too soon? Wealth, health and happiness from compulsory schooling," Journal of Public Economics, Elsevier, vol. 91(11-12), pages 2213-2229, December.
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