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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/26439
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| Title: | | Economic growth and subjective well-being: reassessing the Easterlin paradox  |
| Authors: | | Stevenson, Betsey Wolfers, Justin |
| Issue Date: | | 2008 |
| Series/Report no.: | | CESifo working paper 2394 |
| Abstract: | | The Easterlin paradox suggests that there is no link between a society's economic development and its average level of happiness. We re-assess this paradox analyzing multiple rich datasets spanning many decades. Using recent data on a broader array of countries, we establish a clear positive link between average levels of subjective well-being and GDP per capita across countries, and find no evidence of a satiation point beyond which wealthier countries have no further increases in subjective well-being. We show that the estimated relationship is consistent across many datasets and is similar to the relationship between subject well-being and income observed within countries. Finally, examining the relationship between changes in subjective well-being and income over time within countries we find economic growth associated with rising happiness. Together these findings indicate a clear role for absolute income and a more limited role for relative income comparisons in determining happiness. |
| Subjects: | | Happiness subjective well-being Easterlin Paradox life satisfaction economic growth well-being-income gradient hedonic treadmill |
| JEL: | | D6 I3 J1 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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