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Policies for Happiness in the Global Village

Author

Listed:
  • Dima Bogdan

    (West University of Timisoara, Faculty of Economics and Business Administration, Blvd. Pestalozzi 16, Timisoara 300115, Romania)

  • Dima Ştefana Maria

    (West University of Timisoara, Faculty of Economics and Business Administration, Blvd. Pestalozzi 16, Timisoara 300115, Romania)

Abstract

This article employs three different measures of life satisfaction viewed as proxy for social utility, in order to test for the possible non-linear interactions between the quality of public governance, as reflected by the World Bank indicators, and globalization, as captured by the KOF index, for a dataset of 99 countries for a time span between 2001 and 2010. We conclude that efficient and trustworthy public policies may enhance life satisfaction. Moreover, there may occur a synergy effect between ‘good’ governance and globalization (especially for those components describing social globalization), while there is no substitute for the failure of public policies, in terms of human development and growth (with the effects on human development being substantially more important than those corresponding to the increase in national wealth).

Suggested Citation

  • Dima Bogdan & Dima Ştefana Maria, 2016. "Policies for Happiness in the Global Village," Journal of Heterodox Economics, Sciendo, vol. 3(1), pages 17-53, June.
    • Handle: RePEc:vrs:joheec:v:3:y:2016:i:1:p:17-53:n:2
    DOI: 10.1515/jheec-2016-0002
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    References listed on IDEAS

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    More about this item

    Keywords

    life satisfaction; public governance; Worldwide Governance Indicators; KOF index of globalization;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F60 - International Economics - - Economic Impacts of Globalization - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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