The Power of Hope: How the Science of Well-Being Can Save Us from Despair

by Carol Graham

Why hope matters as a metric of economic and social well-being

In a society marked by extreme inequality of income and opportunity, why should economists care about how people feel? The truth is that feelings of well-being are critical metrics that predict future life outcomes. In this timely and innovative account, economist Carol Graham argues for the importance of hope―little studied in economics at present―as an independent dimension of well-being. Given America’s current mental health crisis, thrown into stark relief by COVID, hope may be the most important measure of well-being, and researchers are tracking trends in hope as a key factor in understanding the rising numbers of “deaths of despair” and premature mortality.

Graham, an authority on the study of well-being, points to empirical evidence demonstrating that hope can improve people’s life outcomes and that despair can destroy them. These findings, she argues, merit deeper exploration. Graham discusses the potential of novel well-being metrics as tracking indicators of despair, reports on new surveys of hope among low-income adolescents, and considers the implications of the results for the futures of these young adults.

Graham asks how and why the wealthiest country in the world has such despair. What are we missing? She argues that public policy problems―from joblessness and labor force dropout to the lack of affordable health care and inadequate public education―can’t be solved without hope. Drawing on research in well-being and other disciplines, Graham describes strategies for restoring hope in populations where it has been lost. The need to address despair, and to restore hope, is critical to America’s future.

Genres: Economics, Psychology, Audiobook, Self Help

200 pages, Hardcover

Published April 25, 2023

About the author

Librarian Note: There is more than one author in the Goodreads database with this name.

Reviews

[Hank · Rating 1 out of 5]

This was mostly garbage. The premise that "people's" mood and well being affect the economy and things beyond has been around since Marx's "religoin is the opiod of the people"

What I was hoping for was a better discussion on how general positive mood drives econmic gains and productivity or perhaps the positive feedback between the two. What we get is a pre-discussion where the premise is talked about and not really supported. The only real interesting piece of data I will remember is that in the U.S., poor African Americans report being more hopeful than white Americans, the book then does nothing to show how that affects their future economic situation. It talks a bunch of could and might but nothing substantiated or even well presented.

I got this free from libro.fm and it is definitely worth what I paid for it.

[April · Rating 3 out of 5]

This was both too technical (details of experiments) and not detailed enough (felt like information most of the time rather than in-depth consideration of how to use it). The end gave some consideration of the need to include well-being/hope into assessment metrics and potentially public policy decisions, especially for specific populations that are low on hope. Overall, though, I didn't feel like it really said much...

[Kate · Rating 5 out of 5]

I grabbed this on a whim when it was on my libro.fm feed because I was intrigued. To be fair, this is right up my alley, as I recently finished my phd program where I spent the last few years studying well-being and writing a dissertation on it.

I was intrigued by the idea of well-being from a political and economic viewpoint (both how it impacts well-being and vice versa), and the sense of hope/agency impacting well-being. This is a completely different lens with which to view well-being than anything I had ever looked at previously. The studies in the book were really fascinating and eye-opening (and also explains why the past few years have felt, frankly, like a giant sh!tshow when everything has piled on).

This book does feel like it could be a three-manuscript dissertation. It is basically a combination of scholarly articles that belong in a journal repurposed into a book format, so it is much more academic than pop culture inspo style. If you're looking for a casual commentary with some quotes to pull for Instagram captions, this ain't it.

I listened to most of this in a car during rush hour, so I already would like to listen to it again to revisit and really sit with the content a bit more.

One thing, though, is that one of the chapters in particular does get a little stats-heavy....not in a hard to understand way, as I don't think it's overly advanced, but it doesn't translate well to the audiobook format. Listening to someone read the equivalent to a paper's "results" sections (i.e., p-values and the results of paired t-tests or whatever test it was) was a little tedious. I think this book is probably one that may be better to read in written format because it's hard to really process statistical analysis without seeing it.

But, overall a very interesting read that definitely explains a lot and does provide some great food for thought and context for how to make things suck a little less for folks moving forward.

Thanks libro.fm and Princeton University Press for the free audiobook.

[Susie Davidson · Rating 5 out of 5]

The Power of Hope is a powerful and timely book that challenges the way we think about economic success and social progress. Carol Graham makes a convincing case that hope is not just an emotion, but a measurable and essential part of well-being that directly affects health, opportunity, and life outcomes. Through research, data, and real-world examples, she shows how despair especially among disadvantaged communities can lead to devastating consequences, including poor health and premature death.

What makes this book especially compelling is how clearly Graham connects personal feelings to public policy. She explains why economic growth alone is not enough if people feel stuck, unheard, or hopeless, and she offers thoughtful ideas for how societies can restore hope through better education, healthcare, and job opportunities. This book is insightful, compassionate and deeply relevant, making it an important read for policymakers, researchers, and anyone concerned about the future of social well-being.

[Andy · Rating 1 out of 5]

This book overall seems premature. The implicit claim in the title is that there's something about the science of "hope" that can be used to prevent "deaths of despair." This is not backed up.

The conclusion is full of sentences like: “There is a lot that we don’t know about how to solve this problem," “ we are just starting to measure hope and evaluate its correlates and causal properties," “This is indeed uncharted ground.” "we need to further our understanding of hope.… One first step is to measure it." "How to achieve that is a subject for another book." "This is uncharted territory." [Yes, again.]

The closest thing to some evidence of impact is a reference to the UK's What Works Centre for Wellbeing. That doesn't exist anymore; it closed. Maybe I missed something, but it's impact report doesn't indicate evidence of successful community implementation of anything.

[Wanda L.]

Carol Graham’s The Power of Hope offers a fresh and deeply human perspective on economics and well-being. Instead of focusing only on income or growth, the book highlights how hope or the lack of it, shapes people’s lives in profound ways. Graham uses strong research to show how despair is linked to poor health outcomes and even early death, making a compelling case that emotions matter in serious policy discussions.

This book is especially relevant in today’s world, where inequality and mental health challenges are growing. Graham writes with clarity and compassion, making complex ideas accessible to a wide audience. It’s an eye-opening read that encourages readers to rethink what true progress really means.

[Krystal B. · Rating 5 out of 5]

The Power of Hope is an insightful and thought-provoking book that connects economics, psychology, and public policy in a meaningful way. Carol Graham explains how hope functions as a powerful predictor of future success and why ignoring it has contributed to rising despair in society. Her discussion of “deaths of despair” is especially sobering and well-researched......

What stands out most is the book’s focus on solutions. Rather than simply diagnosing the problem, Graham explores how education, healthcare, and job opportunities can help restore hope in struggling communities. This is an important and timely book for anyone interested in social change....

[Toby P. · Rating 5 out of 5]

This book changed the way I think about well-being. Carol Graham convincingly argues that hope is just as important as economic indicators like income or employment. Through data and real-world examples, she shows how despair can quietly destroy lives, particularly among young and low-income populations.

The writing is clear and engaging, even when discussing serious topics. The Power of Hope is not only informative but also deeply empathetic. It’s a valuable read for researchers, policymakers and everyday readers who want to understand the human side of economic inequality.

[Douglas A.]

Carol Graham’s The Power of Hope addresses an often-overlooked issue: how people’s expectations about their future affect their health, behavior and opportunities. The book explains why a wealthy society can still experience widespread despair and why traditional economic solutions often fall short.

By combining scientific research with practical insights, Graham makes a strong case for including hope as a key measure of well-being. The book is thoughtful, well-argued, and highly relevant in a post-pandemic world. It offers both a warning and a sense of possibility for the future.

[Dannie Lynn Fountain · Rating 3 out of 5]

While this book was interesting, and backed with a tremendous amount of data, it did not seem to propose a truly concrete solution or anything new that can be done to "save us from despair." I received a complimentary audiobook from the publisher via libro.fm.

[Renee · Rating 3 out of 5]

First of all, so well researched; 133 page text with 10 pages of references. Second, fascinating findings. If you ask me, the African American hope paradox says "Let the African American population LEAD this thing. We need hope and they know how to hope. Perhaps it's time we learn from them.

[Melinda · Rating 4 out of 5]

Read for professional development. I found it interesting and thought-provoking.

[Carol O’Neill · Rating 4 out of 5]

Important insights and incredibly timely!!

[Dani · Rating 2 out of 5]

Would be an interesting article, not enough novelty to be a book