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The impact of an economic boom on the level and distribution of well-being : Ireland, 1994-2001


  • David (David Patrick) Madden


The impact of increased affluence on life satisfaction is a matter of some controversy. This paper examines the impact of the recent economic boom in Ireland upon the level and distribution of various domains of well-being. There is evidence of a substantial increase in life satisfaction in the domain of finance and of an improvement in mental wellbeing. There is a reduction in inequality and polarisation for virtually all domains of life satisfaction. A social welfare function which is increasing and concave in individual well-being would show an improvement in social welfare over the period.

Suggested Citation

  • David (David Patrick) Madden, 2010. "The impact of an economic boom on the level and distribution of well-being : Ireland, 1994-2001," Working Papers 201015, School of Economics, University College Dublin.
  • Handle: RePEc:ucn:wpaper:201015

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    References listed on IDEAS

    1. Diebold, Francis X & Mariano, Roberto S, 2002. "Comparing Predictive Accuracy," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 134-144, January.
    2. Antonello D'Agostino & Domenico Giannone & Paolo Surico, 2005. "(Un)Predictability and Macroeconomic Stability," Macroeconomics 0510024, EconWPA.
    3. Keane, Michael P & Runkle, David E, 1990. "Testing the Rationality of Price Forecasts: New Evidence from Panel Data," American Economic Review, American Economic Association, vol. 80(4), pages 714-735, September.
    4. Carl S Bonham & Richard H Cohen, 2000. "Testing the Rational Expectations Hypothesis using Survey Data," Working Papers 200007, University of Hawaii at Manoa, Department of Economics.
    5. Patton, Andrew J. & Timmermann, Allan, 2007. "Testing Forecast Optimality Under Unknown Loss," Journal of the American Statistical Association, American Statistical Association, vol. 102, pages 1172-1184, December.
    6. David H. Romer & Christina D. Romer, 2000. "Federal Reserve Information and the Behavior of Interest Rates," American Economic Review, American Economic Association, vol. 90(3), pages 429-457, June.
    7. James H. Stock & Mark W. Watson, 2007. "Why Has U.S. Inflation Become Harder to Forecast?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(s1), pages 3-33, February.
    8. Batchelor, R A, 1990. "All Forecasters Are Equal," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(1), pages 143-144, January.
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    More about this item


    Subjective well-being; Ordinal inequality; Polarisation; Social welfare; Well-being--Economic aspects--Ireland; Wealth--Ireland; Equality--Ireland; Public welfare--Ireland;

    JEL classification:

    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty

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