Benedictine monasteries from the point of view of happiness economics

This paper examines Benedictine monasteries and the way of life of Benedictine monks from the perspective of happiness economics. We argue that social interaction and the personal identification of monks with their community are important determinants of the successful historical performance of monasteries and of the fact that monasteries have managed to provide satisfaction to many generations of monks. We use Adam Smith's concept of the mutual correspondence of sentiments to describe the nature of social interaction. We describe how higher satisfaction with life motivates monks to fully invest their potential into the future of the organization and thus leads to better corporate governance and management. Finally, the paper presents ideas for future empirical research in monastic communities.