Measuring Happiness: The Economics of Well-Being

by Joachim Weimann, Andreas Knabe, Ronnie Schöb

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 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.

Genres: Economics, Psychology, Nonfiction, Politics

212 pages, Hardcover

First published February 6, 2014

Reviews

[Gina · Rating 3 out of 5]

As preparation for my master‘s thesis, i found the book useful in understanding the economic approach to well-being, but also limited and ideologically biased.

It’s central claim is clear: money makes us happy. The tone often reads as neoliberal and growth-oriented…

„Our feelings are not a good indicator of how good or bad our life situation is.“ if feelings are dismissed so easily, what Rhea is the Point of happiness research?

Turning now to a more critical work such as Sara Ahmed’s writing on happiness.

[Maria · Rating 4 out of 5]

A thorough analysis of the current happiness research and its limitations. A little hard to follow in audio format, but nevertheless a worthwhile read. An interesting take on explaining the Easterlin paradox, which may not be a paradox after all. It was curious to connect it to marginal happiness and the way our happiness expectations and therefore scale change with changing circumstances.

[Mills College Library]

306 W4228 2015