Happiness: a revolution 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.
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Review: Happiness: A Revolution in EconomicsUser Review - Robb Seaton - Goodreads
The book is a bit of a slog and most of the arguments that Frey presents are not that well developed. On the positive side, I found the section on public attitudes regarding fairness very interesting, and Frey provides tons of useful references to existing literature. Read full review
Review: Happiness: A Revolution in EconomicsUser Review - Sam - Goodreads
"Utility" may be directly measurable. If so, this would revolutionize economics. This book is a dry, footnoted, state-of-science presentation. Not for everyone. Also, reader beware: the most famous ... Read full review
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