nep-hap New Economics Papers
on Economics of Happiness
Issue of 2020‒04‒20
four papers chosen by

  1. Going beyond GDP with a parsimonious indicator: Inequality-adjusted healthy lifetime income By Bloom, David E.; Fan, Victoria Y.; Kufenko, Vadim; Ogbuoji, Osondu; Prettner, Klaus; Yamey, Gavin
  2. Technology and Welfare - Investigating the relationship between the ownership of technology-based assets and subjective measures of well-being By Alexander O'Riordan
  3. The Mid-Life Dip in Well-Being: Economists (Who Find It) Versus Psychologists (Who Don't)! By David G. Blanchflower; Carol L. Graham
  4. Social and Economic Convergence in the EU, 1990-2017 By OLTEANU, DAN CONSTANTIN

  1. By: Bloom, David E.; Fan, Victoria Y.; Kufenko, Vadim; Ogbuoji, Osondu; Prettner, Klaus; Yamey, Gavin
    Abstract: Per capita GDP has limited use as a well-being indicator because it does not capture many dimensions that imply a "good life," such as health and equality of opportunity. However, per capita GDP has the virtues of easy interpretation and can be calculated with manageable data requirements. Against this backdrop, a need exists for a measure of well-being that preserves the advantages of per capita GDP, but also includes health and equality. We propose a new parsimonious indicator to fill this gap and calculate it for 149 countries.
    Keywords: Beyond GDP,Well-Being,Health,Inequality,Human Development,Lifetime Income
    JEL: I31 I15 D63 O10 E01
    Date: 2020
  2. By: Alexander O'Riordan (Department of Economics, Stellenbosch University)
    Abstract: This paper estimates the effects of the ownership of technological assets on self-reported measures of wellbeing, both subjective and objective. The estimation procedure employed is based on a dynamic panel approach, one that is capable of controlling for individual effects, as well as potential sources of endogeneity such as reverse causality. The results indicate that there is a statistically significant relationship between changes in the composition and value of one’s technological asset portfolio and measures of social and economic wellbeing.
    Keywords: asset ownership, welfare, dynamic effects
    JEL: D60 D63 O10 O11
    Date: 2020
  3. By: David G. Blanchflower; Carol L. Graham
    Abstract: A number of studies – including our own – find a mid-life dip in well-being. We review a psychology literature that claims that the evidence of a U-shape is "overblown" and if there is such a decline it is "trivial". We find remarkably strong and consistent evidence across countries and US states that statistically significant U-shapes exist with and without socio-economic controls. The US is somewhat of an outlier with evidence of an early uptick in the raw data with some variables – but not in others – that disappears when controls are included. We show that two of the studies cited by psychologists suggesting there are no U-shapes are in error; we use their data and find the opposite. The effects of the mid-life dip are comparable to major life events like losing a spouse, losing a job or getting cancer. They are clearly not inconsequential.
    JEL: I31
    Date: 2020–03
  4. By: OLTEANU, DAN CONSTANTIN (National Institute of Economic Research - Romanian Academy)
    Abstract: The present study represents an empirical analysis of the well-being convergence between EU Member States, using a set of 14 socio-economic indicators, grouped into 4 categories: population health status; financial situation of households; social conditions; education. To these we added the gross domestic product per capita, for comparison between economic and welfare convergence. We also aim to highlight the dynamics of the gap between the Eastern and Western European countries, as well as the evolution of convergence within these two groups. For the last 10 years analyzed, more precisely in the period 2007-2017, the calculation of standard deviation indicates a tendency of convergence within the EU, for 11 of the 14 welfare indicators analyzed. The variation within the group of Eastern European countries is higher than that recorded between the Western European countries, in 9 of 14 indicators. There is also a tendency for convergence between the two groups although, for some indicators (including GDP), the trends corresponding to their averages tend to remain parallel.
    Keywords: social convergence; economic convergence; welfare
    JEL: I31 I15 I25 O47
    Date: 2019–12

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