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A Happiness Test of Human Capital Theory

  • Piper, Alan T.

This paper tests whether there are wider considerations for undertaking than just income enhancements and improved working conditions. Hence, the investigation here is to ascertain whether there is a happiness premium to education over and above any human capital benefits? A novel feature of the paper is the extended methodological discussion which results from the finding of omitted dynamics. This complicates the analysis, and means that standard FE methods are not wholly appropriate. The discussion details the options available, and offers advice for happiness research where there are omitted dynamics. The empirical results are broadly supportive of human capital theory, and suggest a substantial ‘structural break’ regarding gender.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43496.

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Date of creation: Dec 2012
Date of revision:
Handle: RePEc:pra:mprapa:43496
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  1. Bichaka Fayissa & Shah Danyal & J.S. Butler, 2011. "The Impact of Education on Health Status: Evidence from Longitudinal Survey Data," Working Papers 201101, Middle Tennessee State University, Department of Economics and Finance.
  2. Anya McGuirk & Aris Spanos, 2009. "Revisiting Error-Autocorrelation Correction: Common Factor Restrictions and Granger Non-Causality," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(2), pages 273-294, 04.
  3. Jacob A. Mincer, 1974. "Schooling, Experience, and Earnings," NBER Books, National Bureau of Economic Research, Inc, number minc74-1, December.
  4. E. Clark & Claudia Senik, 2011. "Is Happiness Different From Flourishing? Cross-Country Evidence from the ESS," Revue d'économie politique, Dalloz, vol. 121(1), pages 17-34.
  5. Beck, Nathaniel & Katz, Jonathan N., . "Modeling dynamics in time-series-cross-section political economy data," Working Papers 1304, California Institute of Technology, Division of the Humanities and Social Sciences.
  6. Andrew E. Clark, 2005. "Your Money or Your Life: Changing Job Quality in OECD Countries," British Journal of Industrial Relations, London School of Economics, vol. 43(3), pages 377-400, 09.
  7. Chevalier, Arnaud, 2011. "Subject Choice and Earnings of UK Graduates," IZA Discussion Papers 5652, Institute for the Study of Labor (IZA).
  8. Spanos,Aris, 1986. "Statistical Foundations of Econometric Modelling," Cambridge Books, Cambridge University Press, number 9780521269124.
  9. Piper, Alan T., 2012. "Heaven knows I’m miserable now: overeducation and reduced life satisfaction," MPRA Paper 43259, University Library of Munich, Germany.
  10. Yakovlev, Pavel & Leguizamon, Susane, 2012. "Ignorance is not bliss: On the role of education in subjective well-being," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(6), pages 806-815.
  11. Daron Acemoglu & David Autor, 2012. "What Does Human Capital Do? A Review of Goldin and Katz's The Race between Education and Technology," Journal of Economic Literature, American Economic Association, vol. 50(2), pages 426-63, June.
  12. Dickson, Matt & Harmon, Colm, 2011. "Economic returns to education: What We Know, What We Don’t Know, and Where We Are Going—Some brief pointers," Economics of Education Review, Elsevier, vol. 30(6), pages 1118-1122.
  13. Jacob A. Mincer, 1974. "Introduction to "Schooling, Experience, and Earnings"," NBER Chapters, in: Schooling, Experience, and Earnings, pages 1-4 National Bureau of Economic Research, Inc.
  14. Ian Walker & Yu Zhu, 2008. "The College Wage Premium and the Expansion of Higher Education in the UK," Working Papers 200817, Geary Institute, University College Dublin.
  15. repec:oup:qjecon:v:87:y:1973:i:3:p:355-74 is not listed on IDEAS
  16. Blanchflower, David G. & Oswald, Andrew J., 2004. "Well-being over time in Britain and the USA," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1359-1386, July.
  17. repec:hal:wpaper:halshs-00561867 is not listed on IDEAS
  18. John F. Helliwell, 2002. "How's Life? Combining Individual and National Variables to Explain Subjective Well-Being," NBER Working Papers 9065, National Bureau of Economic Research, Inc.
  19. David G. Blanchflower & Andrew J. Oswald, 2011. "International Happiness," NBER Working Papers 16668, National Bureau of Economic Research, Inc.
  20. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
  21. David Roodman, 2006. "How to Do xtabond2: An Introduction to "Difference" and "System" GMM in Stata," Working Papers 103, Center for Global Development.
  22. Andrew E. Clark & Claudia Senik, 2011. "Is happiness different from flourishing? Cross-Country Evidence from the ESS," Post-Print halshs-00654661, HAL.
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