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

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

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SKU: SONG0262514958
Brand: MIT Press
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A leading economist discusses the potential of happiness research (the quantification of wellbeing) 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 wellbeing; new insights into how human beings value goods and services and social conditions that include consideration of such nonmaterial values as autonomy and social relations; and policy consequences of these new insights that suggest different ways for government to affect individual wellbeing. 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 wellbeing, Frey examines such wideranging topics as democracy and federalism, selfemployment 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 wellbeing, 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.

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