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Subjective and Objective Well-Being in Relation to Economic Inputs: Puzzles and Responses

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  • Des Gasper

Abstract

Systematic, large discrepancies exist between direct measures of well-being and the measures that economists largely concentrate on, notably income. The paper assesses and rejects claims that income is satisfactorily correlated with well-being, and addresses the implications of discrepancies between income measures and measures of subjective well-being (SWB) and objective well-being (OWB) and also between subjective and objective well-being measures themselves. It discusses a range of possible responses to the discrepancies: for example, examination of the specifications used for income, SWB and OWB, and looking for other causal factors and at their possible competitive relations with economic inputs to well-being. It rejects responses that ignore the discrepancies or drastically downgrade their significance by adopting a well-being conception that ignores both SWB and OWB arguments (e.g.: by a claim that all that matters is choice or being active). It concludes that the projects of Sen and others to build syntheses of the relevant responses require further attention.

Suggested Citation

  • Des Gasper, 2005. "Subjective and Objective Well-Being in Relation to Economic Inputs: Puzzles and Responses," Review of Social Economy, Taylor & Francis Journals, vol. 63(2), pages 177-206.
    • Handle: RePEc:taf:rsocec:v:63:y:2005:i:2:p:177-206
    DOI: 10.1080/00346760500130309
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    References listed on IDEAS

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