Happiness: A Revolution in Economics (Munich Lectures in Economics)

Revolutionary Developments In Economics Are Rare. The Conservative Bias Of The Field And Its Enshrined Knowledge Make It Difficult To Introduce New Ideas Not In Line With Received Theory. Happiness Research, However, Has The Potential To Change Economics Substantially. Its Findings, Which Are Gradually Being Taken Into Account In Standard Economics, Can Be Considered Revolutionary In Three Respects: The Measurement Of Experienced Utility Using Psychologists' Tools For Measuring Subjective Well-being, New Insights Into How Human Beings Value Goods And Services And Social Conditions That Include Consideration Of Such Non-material Values As Autonomy And Social Relations, And Policy Consequences Of These New Insights That Suggest Different Ways For Government To Affect Individual Well-being. In Happiness, Bruno Frey, Emphasizing Empirical Evidence Rather Than Theoretical Conjectures, Substantiates These Three Revolutionary Claims For Happiness Research. After Tracing The Major Developments Of Happiness Research In Economics And Demonstrating That We Have Gained Important New Insights Into How Income, Unemployment, Inflation, And Income Demonstration Affect Well-being, Frey Examines Democracy And Federalism, Self-employment And Volunteer Work, Marriage, Terrorism, And Watching Television From The New Perspective Of Happiness Research. Turning To Policy Implications, Frey Describes How Government Can Provide The Conditions Under Which People Can Achieve Well-being, Arguing That Effective Political Institutions And Decentralized Decision Making Play Crucial Roles. Happiness Demonstrates The Achievements Of The Economic Happiness Revolution And Points The Way To Future Research.--book Jacket. Major Developments -- Research On Happiness -- The Relationship Of Happiness To Utility -- How Income Affects Happiness -- How Unemployment Affects Happiness -- How Inflation And Inequality Affect Happiness -- Pushing Ahead -- The Public Sphere -- Self-employment And Voluntary Work -- Marriage And Happiness -- Watching Television -- Procedural Utility -- Mispredicting Utility -- The Value Of Public Goods -- Policy Consequences -- Happiness Policies -- Happiness And Political Institutions -- A Revolution In Economics. Bruno S. Frey, In Collaboration With Alois Stutzer ... [et Al.]. Ces Includes Bibliographical References (p. [205]-236) And Index. A leading economist discusses the potential of happiness research (the quantification of well-being) to answer important questions that standard economics methods are unable to analyze.Revolutionary developments in economics are rare. The conservative bias of the field and its enshrined knowledge make it difficult to introduce new ideas not in line with received theory. Happiness research, however, has the potential to change economics substantially in the future. Its findings, which are gradually being taken into account in standard economics, can be considered revolutionary in three respects: the measurement of experienced utility using psychologists'tools for measuring subjective well-being; new insights into how human beings value goods and services and social conditions that include consideration of such non-material values as autonomy and social relations; and policy consequences of these new insights that suggest different ways for government to affect individual well-being. In Happiness, emphasizing empirical evidence rather than theoretical conjectures, Bruno Frey substantiates these three revolutionary claims for happiness research. After tracing the major developments of happiness research in economics and demonstrating that we have gained important new insights into how income, unemployment, inflation, and income demonstration affect well-being, Frey examines such wide-ranging topics as democracy and federalism, self-employment and volunteer work, marriage, terrorism, and watching television from the new perspective of happiness research. Turning to policy implications, Frey describes how government can provide the conditions for people to achieve well-being, arguing that a crucial role is played by adequate political institutions and decentralized decision making. Happiness demonstrates the achievements of the economic happiness revolution and points the way to future research. A leading economist discusses the potential of happiness research (the quantification of well-being) to answer important questions that standard economics methods are unable to analyze. Revolutionary developments in economics are rare. The conservative bias of the field and its enshrined knowledge make it difficult to introduce new ideas not in line with received theory. Happiness research, however, has the potential to change economics substantially in the future. Its findings, which are gradually being taken into account in standard economics, can be considered revolutionary in three respects: the measurement of experienced utility using psychologists' tools for measuring subjective well-being; new insights into how human beings value goods and services and social conditions that include consideration of such non-material values as autonomy and social relations; and policy consequences of these new insights that suggest different ways for government to affect individual well-being. In "Happiness", emphasizing empirical evidence rather than theoretical conjectures, Bruno Frey substantiates these three revolutionary claims for happiness research. After tracing the major developments of happiness research in economics and demonstrating that we have gained important new insights into how income, unemployment, inflation, and income demonstration affect well-being, Frey examines such wide-ranging topics as democracy and federalism, self-employment and volunteer work, marriage, terrorism, and watching television from the new perspective of happiness research. Turning to policy implications, Frey describes how government can provide the conditions for people to achieve well-being, arguing that a crucial role is played by adequate political institutions and decentralized decision making Revolutionary developments in economics are rare. The conservative bias of the field and its enshrined knowledge make it difficult to introduce new ideas not in line with received theory. Happiness research, however, has the potential to change economics substantially in the future. Its findings, which are gradually being taken into account in standard economics, can be considered revolutionary in three the measurement of experienced utility using psychologists' tools for measuring subjective well-being; new insights into how human beings value goods and services and social conditions that include consideration of such non-material values as autonomy and social relations; and policy consequences of these new insights that suggest different ways for government to affect individual well-being. In Happiness , emphasizing empirical evidence rather than theoretical conjectures, Bruno Frey substantiates these three revolutionary claims for happiness research. After tracing the major developments of happiness research in economics and demonstrating that we have gained important new insights into how income, unemployment, inflation, and income demonstration affect well-being, Frey examines such wide-ranging topics as democracy and federalism, self-employment and volunteer work, marriage, terrorism, and watching television from the new perspective of happiness research. Turning to policy implications, Frey describes how government can provide the conditions for people to achieve well-being, arguing that a crucial role is played by adequate political institutions and decentralized decision making. Happiness demonstrates the achievements of the economic happiness revolution and points the way to future research. Contents......Page 6 Series Foreword......Page 8 Preface......Page 10 I Major Developments......Page 18 1 Research on Happiness......Page 20 2 The Relationship of Happiness to Utility......Page 32 3 How Income Affects Happiness......Page 44 4 How Unemployment Affects Happiness......Page 62 5 How Inflation and Inequality Affect Happiness......Page 72 II Pushing Ahead......Page 76 6 The Public Sphere......Page 78 7 Self-Employment and Voluntary Work......Page 88 8 Marriage and Happiness......Page 104 9 Watching Television......Page 110 10 Procedural Utility......Page 124 11 Mispredicting Utility......Page 144 12 The Value of Public Goods......Page 156 III Policy Consequences......Page 166 13 Happiness Policies......Page 168 14 Happiness and Political Institutions......Page 194 15 A Revolution in Economics......Page 216 References......Page 222 Index......Page 254 In this text a leading economist discusses the potential of happiness research (the qualification of well-being) to answer important questions that standard economics methods are unable to analyze. Emphasizing empirical evidence rather than theoretical conjectures, Frey substantiates the need for happiness research