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Studies of Policy Reform

Happiness and Economic Growth

Lessons from Developing Countries

Andrew (CNRS Research Professor, Paris School of Economics) E.Clark & Claudia (Professor at the University Paris-Sorbonne and at the Paris School of Economics) Senik

Happiness and Economic Growth

Studies of Policy Reform

Happiness and Economic Growth

Lessons from Developing Countries

Studies of Policy Reform: Happiness and Economic Growth

 

Analyses the relationship between income and subjective well-being, and in particular in the context of developing countries. Several chapters focus on China and underline how the rise in unemployment and income inequality has undermined the well-being effects of economic development.


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Beschrijving Studies of Policy Reform: Happiness and Economic Growth

This volume, arising from a PSE-CEPREMAP-DIMeco conference, includes contributions by the some of the best-known researchers in happiness economics and development economics, including Richard Easterlin, who gave his name to the 'Easterlin paradox' that GDP growth does not improve happiness over the long run. Many chapters underline the difficulty of increasing well-being in developing countries, including China, even in the presence of sustained income growth. This is notably due to the importance of income comparisons to others, adaptation (so that we get used to higher income), and the growing inequality of income. In particular, rank in the local income distribution is shown to be important, creating a beggar-thy-neighbour effect in happiness. Wealth comparisons in China are exacerbated by the gender imbalance, as the competition for brides creates a striking phenomenon of conspicuous consumption on the housing market.

Policy has to be aware of these effects. This applies in particular to those who try to use self-reported subjective well-being in order to generate a 'social subjective poverty line', which is a key issue in developing countries.

However, the news is not only bad from the point of view of developing countries. One piece of good news is that GDP growth often seems to go hand-in-hand with lower happiness inequality, and thereby reduces the risk of extreme unhappiness.


ISBN
9780198723653
Pagina's
292
Verschenen
Serie
Studies of Policy Reform
NUR
780
Druk
1
Uitvoering
Hardback
Taal
Engels
Uitgever
OUP Oxford

Economie en bedrijf