Measuring Happiness: The Economics Of Well-being

Paperback | September 2, 2016

byJoachim Weimann, Andreas Knabe, Ronnie Schöb

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Can money buy happiness? Is income a reliable measure for life satisfaction? In the West after World War II, happiness seemed inextricably connected to prosperity. Beginning in the 1960s, however, other values began to gain ground: peace, political participation, civil rights, environmentalism. "Happiness economics" -- a somewhat incongruous-sounding branch of what has been called "the dismal science" -- has taken up the puzzle of what makes people happy, conducting elaborate surveys in which people are asked to quantify their satisfaction with "life in general." In this book, three economists explore the happiness-prosperity connection, investigating how economists measure life satisfaction and well-being.

The authors examine the evolution of happiness research, considering the famous "Easterlin Paradox," which found that people's average life satisfaction didn't seem to depend on their income. But they question whether happiness research can measure what needs to be measured. They argue that we should not assess people's well-being on a "happiness scale," because that necessarily obscures true social progress. Instead, rising income should be understood as increasing opportunities and alleviating scarcity. Economic growth helps societies to sustain freedom and to finance social welfare programs. In this respect, high income may not buy happiness with life in general, but it gives individuals the opportunity to be healthier, better educated, better clothed, and better fed, to live longer, and to live well.

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From the Publisher

Can money buy happiness? Is income a reliable measure for life satisfaction? In the West after World War II, happiness seemed inextricably connected to prosperity. Beginning in the 1960s, however, other values began to gain ground: peace, political participation, civil rights, environmentalism. "Happiness economics" -- a somewhat incon...

Joachim Weimann is Full Professor of Economic Policy at Otto von Geuricke University Magdeburg, and head of MaXlLab, the Magdeburg Laboratory for Experimental Economics. Andreas Knabe is Full Professor and Chair of Public Economics at Otto von Geuricke University Magdeburg. Ronnie Schöb is Full Professor of International Public Economi...

other books by Joachim Weimann

Format:PaperbackDimensions:224 pages, 9 × 6 × 0.56 inPublished:September 2, 2016Publisher:The MIT PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0262529769

ISBN - 13:9780262529761

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The novelty of this book is not just in its clever and compelling way of arguing that 'money does buy happiness'; it is the idea that our reference points change when we measure happiness over time.