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What do happy people choose: rapid economic growth or stable economy?

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  • Beja Jr., Edsel L.

Abstract

How SWB affects individual states, outcomes, or decisions is well established in the literature, but how it affects macroeconomic states, outcomes, or decisions remains an open empirical question. This paper focuses on the public policy issue of economic progress defined as either rapid economic growth or stable economy. Results indicate a negative relationship between high SWB and choice for rapid economic growth or stable economy. This conclusion holds for people in the upper-income and middle-income countries, but not so for people in the low-income countries. In fact, results suggest that people in the low-income countries attend less to either rapid economic growth or stable economy regardless of their SWB.

Suggested Citation

  • Beja Jr., Edsel L., 2012. "What do happy people choose: rapid economic growth or stable economy?," MPRA Paper 38851, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:38851
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    File URL: https://mpra.ub.uni-muenchen.de/38851/1/MPRA_paper_38851.pdf
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    References listed on IDEAS

    as
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    3. Stutzer, Alois & Frey, Bruno S., 2006. "Does marriage make people happy, or do happy people get married?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(2), pages 326-347, April.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Happiness; subjective well-being; economic policy;
    All these keywords.

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • D00 - Microeconomics - - General - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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