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Easterlin Paradox
The Easterlin paradox is a finding in happiness economics formulated in 1974 by Richard Easterlin, then professor of economics at the University of Pennsylvania, and the first economist to study happiness data. The paradox states that at a point in time happiness varies directly with income both among and within nations, but over time happiness does not trend upward as income continues to grow. It is the contradiction between the point-of-time and time series findings that is the root of the paradox. Various theories have been advanced to explain the Paradox, but the Paradox itself is solely an empirical generalization. The existence of the paradox has been strongly disputed by other researchers. Evidence The original evidence for the paradox was United States data. Subsequently, supporting findings were given for other developed nations, and, more recently for less developed countries and countries transitioning from socialism to capitalism. The original conclusion for the United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Happiness Economics
The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health. It typically treats subjective happiness-related measures, as well as more objective quality of life indices, rather than wealth, income or profit, as something to be maximized. The field has grown substantially since the late 20th century, for example by the development of methods, surveys and indices to measure happiness and related concepts,• Carol Graham, 2008. "happiness, economics of," ''The New Palgrave Dictionary of Economics'', 2nd EditionAbstract.Prepublicatio copy.br /> • _____, 2005. "The Economics of Happiness: Insights on Globalization from a Novel Approach," ''World Economics'', 6(3), pp41â ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Easterlin
Richard Ainley Easterlin (born 12 January 1926) is a professor of economics at the University of Southern California. He is best known for the economic theory named after him, the Easterlin paradox. Another of his contributions is the Easterlin hypothesis about long waves of baby booms and busts. Early life and education Easterlin was born in Ridgefield Park, New Jersey, in 1926. He studied engineering at the Stevens Institute of Technology and graduated with a degree in mechanical engineering with Distinction in 1945. He then completed an MA in economics in 1949 and his Ph.D. in economics in 1953 both at the University of Pennsylvania.Richard A. Easterlin |
University Of Pennsylvania
The University of Pennsylvania (also known as Penn or UPenn) is a private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest-regarded universities by numerous organizations and scholars. While the university dates its founding to 1740, it was created by Benjamin Franklin and other Philadelphia citizens in 1749. It is a member of the Ivy League. The university has four undergraduate schools as well as twelve graduate and professional schools. Schools enrolling undergraduates include the College of Arts and Sciences, the School of Engineering and Applied Science, the Wharton School, and the School of Nursing. Among its highly ranked graduate schools are its law school, whose first professor wrote the first draft of the United States Constitution, its medical school, the first in North America, and Wharton, the first collegiate business school. Penn's endowment is US$20.7 billio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Comparison Bias
Social comparison bias is the tendency to have feelings of dislike and competitiveness with someone seen as physically, socially, or mentally better than oneself. Social comparison bias or social comparison theory is the idea that individuals determine their own worth based on how they compare to others. The theory was developed in 1954 by psychologist Leon Festinger. This can be compared to social comparison, which is believed to be central to achievement motivation, feelings of injustice, depression, jealousy and people's willingness to remain in relationships or jobs. People are believed to compete for the best outcome in relation to their peers. For example, one might make a comparison between the low-end department stores they go to frequently and the designer stores of their peers. Such comparisons may evoke feelings of resentment, anger and envy with their peers. This bias revolves mostly around wealth and social status; it is unconscious and people who make these are largel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedonic Adaptation
The hedonic treadmill, also known as hedonic adaptation, is the observed tendency of humans to quickly return to a relatively stable level of happiness despite major positive or negative events or life changes. According to this theory, as a person makes more money, expectations and desires rise in tandem, which results in no permanent gain in happiness. Philip Brickman and Donald T. Campbell coined the term in their essay "Hedonic Relativism and Planning the Good Society" (1971). The hedonic treadmill viewpoint suggests that wealth does not increase the level of happiness. Overview Hedonic adaptation is a process or mechanism that reduces the affective impact of emotional events. Generally, hedonic adaptation involves a happiness "set point", whereby humans generally maintain a constant level of happiness throughout their lives, despite events that occur in their environment. in M. H. Apley, ed., ''Adaptation Level Theory: A Symposium,'' New York: Academic Press The proce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Betsey Stevenson
Betsey Ayer Stevenson (born c. 1971) is an economist and Professor of Economics and Public Policy at the University of Michigan Gerald R. Ford School of Public Policy. Additionally, she is a fellow of the Ifo Institute for Economic Research in Munich, a research associate at the National Bureau of Economic Research and servers on the board of the American Economic Association. The Obama Administration announced her appointment as a Member of the Council of Economic Advisers, a post she served from 2013 through 2015. She previously served as Chief Economist of the U.S. Department of Labor under Secretary Hilda Solis from 2010 to 2011. Previously, she was an Assistant Professor of Business and Public Policy, at the Wharton School of the University of Pennsylvania. In November 2020, Stevenson was named a volunteer member of the Joe Biden presidential transition Agency Review Team to support transition efforts related to the United States Department of Treasury. Education Betsey S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Justin Wolfers
Justin James Michael Wolfers, born in 1972, is an Australian economist and public policy scholar. He is professor of economics and public policy at the Gerald R. Ford School of Public Policy at the University of Michigan, and a Senior Fellow at the Peterson Institute for International Economics. Career Wolfers holds a Ph.D. in Economics (1997–2001) and an Master of Economics (2000), both from Harvard University, and a Bachelor of Economics from the University of Sydney (1991–1994). He had a Fulbright Scholarship. Wolfers attended James Ruse Agricultural High School (1985–1990). He is noted for his research on happiness and its relation to income. Wolfers moved to the University of Michigan as professor of economics and public policy beginning in fall 2012 with his partner, fellow economist Betsey Stevenson.Peter Monaghan (2012) ''Much-Watched Couple in Economics Lands at U. of Michigan'' Chronicle of Higher Education'' Prior to coming to the University of Michigan, Wolfe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ed Diener
Edward Francis Diener (July 25, 1946 – April 27, 2021) was an American psychologist, professor, and author. Diener was a professor of psychology at the University of Utah and the University of Virginia, and Joseph R. Smiley Distinguished Professor Emeritus at the University of Illinois, as well as a senior scientist for the Gallup Organization. He is noted for his research over the past thirty years on happiness, including work on temperament and personality influences on well-being, theories of well-being, income and well-being, cultural influences on well-being, and the measurement of well-being. As shown on Google Scholar as of April 2021, Diener's publications have been cited over 257,000 times. For his fundamental research on the subject, Diener was nicknamed ''Dr. Happiness''. Researchers he has worked with include Daniel Kahneman and Martin Seligman. Background Diener was born in 1946 in Glendale, California, and grew up on a farm in the San Joaquin Valley of Califor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ruut Veenhoven
Ruut Veenhoven (born 1942) is a Dutch sociologist and a pioneer and world authority on the scientific study of happiness, in the sense of subjective enjoyment of life. His work on the social conditions for human happiness at Erasmus University Rotterdam in the Netherlands, has contributed to a renewed interest in happiness as an aim for public policy. He has shown that happiness can be used a reliable measure to assess progress in societies which was one of the sources of inspiration for the United Nations to adopt happiness measures as a holistic approach to development. Veenhoven is the founding director of the World Database of Happiness and a founding editor of the ''Journal of Happiness Studies''. He has been described as "the godfather of happiness studies", and "a leading authority on worldwide levels of happiness from country to country", whose work "earned him international acclaim". Biography Veenhoven was born in The Hague in the Netherlands in 1942. He graduated in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subjective Well-being
Subjective well-being (SWB) is a self-reported measure of well-being, typically obtained by questionnaire. Ed Diener developed a tripartite model of subjective well-being in 1984, which describes how people experience the quality of their lives and includes both emotional reactions and cognitive judgments. It posits "three distinct but often related components of wellbeing: frequent positive affect, infrequent negative affect, and cognitive evaluations such as life satisfaction." Subjective well-being is an overarching ideology that encompasses such things as "high levels of pleasant emotions and moods, low levels of negative emotions and moods, and high life-satisfaction." SWB therefore encompasses moods and emotions as well as evaluations of one's satisfaction with general and specific areas of one's life. SWB is one definition of happiness. Although SWB tends to be stable over the time and is strongly related to personality traits, the emotional component of SWB can be i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product, or real GDP. Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income). The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedonic Treadmill
The hedonic treadmill, also known as hedonic adaptation, is the observed tendency of humans to quickly return to a relatively stable level of happiness despite major positive or negative events or life changes. According to this theory, as a person makes more money, expectations and desires rise in tandem, which results in no permanent gain in happiness. Philip Brickman and Donald T. Campbell coined the term in their essay "Hedonic Relativism and Planning the Good Society" (1971). The hedonic treadmill viewpoint suggests that wealth does not increase the level of happiness. Overview Hedonic adaptation is a process or mechanism that reduces the affective impact of emotional events. Generally, hedonic adaptation involves a happiness "set point", whereby humans generally maintain a constant level of happiness throughout their lives, despite events that occur in their environment. in M. H. Apley, ed., ''Adaptation Level Theory: A Symposium,'' New York: Academic Press The proce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
