Happiness and Economic Performance

Bibliographic Data

ID9713002
AuthorsAndrew J Oswald (0000-0003-0628-3294, University of Warwick, corresponding author)
Year1997
Volume107
Issue445
Pages1815-1831
Publication date1997-11-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueThe Economic Journal (JOURNAL)
Journal identifiersISSN: 0013-0133 • E-ISSN: 1468-0297
PublisherOxford University Press (OUP) (PUBLISHER)
DOI10.1111/j.1468-0297.1997.tb00085.x
OpenAlexW2152073788
LanguageEN
Citations received383
References cited55

If a nation's economic performance improves, how much extra happiness does that buy its citizens? Most public debate assumes -- without real evidence -- that the answer is a lot. This paper examines the question by using information on well-being in Western countries. The data are of four kinds: on reported happiness, on reported life satisfaction, on reported job satisfaction, and on the number of suicides. These reveal patterns that are not visible to the anecdotal eye. In industrialized countries, well-being appears to rise as real national income grows. But the rise is so small as to be sometimes almost undetectable. Unemployment, however, seems to be a large source of unhappiness. This suggests that governments ought to be trying to reduce the amount of joblessness in the economy. In a country that is already rich, policy aimed instead at raising economic growth may be of comparatively little value

Demographic economics · Developed country · Development economics · Economic growth · Economics · Happiness · Life satisfaction · Political science · Sociology · Unemployment · Value (mathematics · Well-being · World Values Survey · Employment and Welfare Studies · Financial Literacy, Pension, Retirement Analysis · Psychological Well-being and Life Satisfaction · Psychology · Social Psychology

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