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Title:Formal institutions and subjective well-being: Revisiting the cross-country evidence PDF Logo
Authors:Bjørnskov, Christian
Dreher, Axel
Fischer, Justina A. V.
Issue Date:2008
Series/Report no.:SSE/EFI Working Paper Series in Economics and Finance 699
Abstract:A long tradition in economics explores the association between the quality of formal institutions and economic performance. The literature on the relationship between such institutions and happiness is, however, rather limited. In this paper, we revisit the findings from recent cross-country studies on the institutions-happiness association. Our findings suggest that the conclusions reached by previous studies are fairly sensitive to the specific measure of 'happiness' used. In addition, the results indicate that the welfare effects of policies may differ across phases of a country's economic development. This bears important policy implications which we discuss in the concluding section of the paper.
Subjects:Happiness
Well-Being
institutions
policy implications
democracy
rule of law
government efficiency
JEL:H10
H40
I31
Document Type:Working Paper
Appears in Collections:SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics

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