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Happiness and Economic Performance

  • Oswald, Andrew

If a nation's economic performance improves, how much extra happiness does that buy its citizens? Most public debate assumes - without real evidence - that the answer is a lot. This paper examines the question by using information on well-being in Western countries. The data are of four kinds : on reported happiness, on reported life satisfaction, on reported job satisfaction, and on the number of suicides. These reveal patterns that are not visible to the anecdotal eye. In industrialized countries, well-being appears to rise as real national income grows. But the rise is so small as to be sometimes almost undetectable. Unemployment, however, seems to be a large source of unhappiness. This suggests that governments ought to be trying to reduce the amount of joblessness in the economy. In a country that is already rich, policy aimed instead at raising economic growth may be of comparatively little value.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/1995-1998/happecperf.pdf
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Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 478.

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Length: 28 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:wrk:warwec:478
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Web page: http://www2.warwick.ac.uk/fac/soc/economics/
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  1. Blanchflower, D-G & Oswald, A-J, 1997. "The Rising Well-Being of the Young," Papers 16, Centre for Economic Performance & Institute of Economics.
  2. Blanchflower, D.G. & Oswald, A., 1991. "What Makes an Entrepreneur?," Economics Series Working Papers 99125, University of Oxford, Department of Economics.
  3. Yew-Kwang Ng, 1996. "Happiness surveys: Some comparability issues and an exploratory survey based on just perceivable increments," Social Indicators Research, Springer, vol. 38(1), pages 1-27, May.
  4. Easterlin, Richard A., 1995. "Will raising the incomes of all increase the happiness of all?," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 35-47, June.
  5. Winkelmann, Liliana & Winkelmann, Rainer, 1998. "Why Are the Unemployed So Unhappy? Evidence from Panel Data," Economica, London School of Economics and Political Science, vol. 65(257), pages 1-15, February.
  6. N. F. R. Crafts, 1997. "Some Dimensions of the ‘Quality of Life’ During the British Industrial Revolution," Economic History Review, Economic History Society, vol. 50(4), pages 617-639, November.
  7. Christopher T. Whelan, 1991. "The Role of Income, Life-Style Deprivation and Financial Strain in Mediating the Impact of Unemployment on Psychological Distress. Published in Journal of Occupational and Organizational Psychology, V," Papers WP020, Economic and Social Research Institute (ESRI).
  8. Layard, Richard, 1980. "Human Satisfactions and Public Policy," Economic Journal, Royal Economic Society, vol. 90(363), pages 737-50, December.
  9. Di Tella, Rafael & MacCulloch, Robert J. & Oswald, Andrew J., 2001. "The Macroeconomics of Happiness," The Warwick Economics Research Paper Series (TWERPS) 615, University of Warwick, Department of Economics.
  10. Doh Shin, 1980. "Does rapid economic growth improve the human lot? Some empirical evidence," Social Indicators Research, Springer, vol. 8(2), pages 199-221, June.
  11. David G. Blanchflower & Andrew J. Oswald, 2000. "Well-Being Over Time in Britain and the USA," NBER Working Papers 7487, National Bureau of Economic Research, Inc.
  12. Clark, Andrew E. & Oswald, Andrew J. & Warr, Peter B., 1994. "Is job satisfaction u-shaped in age ?," CEPREMAP Working Papers (Couverture Orange) 9407, CEPREMAP.
  13. Gerlach, Knut & Stephan, Gesine, 1996. "A paper on unhappiness and unemployment in Germany," Economics Letters, Elsevier, vol. 52(3), pages 325-330, September.
  14. Oswald, Andrew J., 1983. "Altruism, jealousy and the theory of optimal non-linear taxation," Journal of Public Economics, Elsevier, vol. 20(1), pages 77-87, February.
  15. Robin Douthitt & Maurice Macdonald & Randolph Mullis, 1992. "The relationship between measures of subjective and economic well-being: A new look," Social Indicators Research, Springer, vol. 26(4), pages 407-422, June.
  16. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May.
  17. Clark, Andrew E. & Oswald, Andrew J., 1994. "Satisfaction and comparison income," CEPREMAP Working Papers (Couverture Orange) 9408, CEPREMAP.
  18. Boskin, Michael J & Sheshinski, Eytan, 1978. "Optimal Redistributive Taxation when Individual Welfare Depends upon Relative Income," The Quarterly Journal of Economics, MIT Press, vol. 92(4), pages 589-601, November.
  19. Craig Fox & Daniel Kahneman, 1992. "Correlations, causes and heuristics in surveys of life satisfaction," Social Indicators Research, Springer, vol. 27(3), pages 221-234, November.
  20. Clark, A.E., 1995. "Job Satisfaction and Gender: Why Are Women so Happy at Work?," DELTA Working Papers 95-10, DELTA (Ecole normale supérieure).
  21. Björklund, Anders, 1984. "Unemployment and Mental Health: Some Evidence from Panel Data," Working Paper Series 120, Research Institute of Industrial Economics.
  22. David G. Blanchflower & Richard B. Freeman, 1994. "The Legacy of Communist Labor Relations," NBER Working Papers 4740, National Bureau of Economic Research, Inc.
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