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Happiness of economists

Author

Listed:
  • Lars P. Feld
  • Sarah Necker
  • Bruno S. Frey

Abstract

We study the importance of economists' professional situation towards their life satisfaction based on a unique survey of mostly academic economists. On average, economists report to be highly happy with life. Satisfaction is positively related to spending more time on doing research. The lack of a tenured position decreases satisfaction. However, the extent to which the uncertainty created by the tenure system affects satisfaction varies with the contract terms. The effect is stronger if the contract expires in the near future or cannot be extended. Publication success has no effect if it is controlled for academic rank and the contract duration. The finding suggests that publications are rather a means to an end, for example, to acquire a tenured position. While the perceived level of external pressure also has no impact, the perceived change of pressure in recent years is positively related to economists' life satisfaction. An explanation is that economists have accepted a high level of pressure when entering academia but are not willing to cope with the recent increase.

Suggested Citation

  • Lars P. Feld & Sarah Necker & Bruno S. Frey, 2015. "Happiness of economists," Applied Economics, Taylor & Francis Journals, vol. 47(10), pages 990-1007, February.
    • Handle: RePEc:taf:applec:v:47:y:2015:i:10:p:990-1007
    DOI: 10.1080/00036846.2014.985374
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    More about this item

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy

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