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Title:Lost in transition: life satisfaction on the road to capitalism PDF Logo
Authors:Easterlin, Richard A.
Issue Date:2008
Series/Report no.:IZA discussion papers 3409
Abstract:In the transition from socialism to capitalism in Eastern Europe life satisfaction has followed the V-shaped pattern of GDP but failed to recover commensurately. In general, increased satisfaction with material living levels has occurred at the expense of decreased satisfaction with work, health, and family life. Disparities in life satisfaction have increased markedly with those hardest hit being the less educated and persons over age 30; women and men have suffered about equally. The asymmetric response of life satisfaction to decreases in GDP in transition countries and increases in GDP in non-transition countries is arguably due to loss aversion.
Subjects:Happiness
transition
capitalism
socialism
loss aversion
JEL:I31
Persistent Identifier of the first edition:urn:nbn:de:101:1-20080320119
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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