Emotional Prosperity and the Stiglitz Commission

31 Pages Posted: 27 Dec 2010

See all articles by Andrew J. Oswald

Andrew J. Oswald

University of Warwick - Department of Economics; IZA Institute of Labor Economics

Abstract

This paper argues, in line with the proposals of the recent Stiglitz Commission on the Measurement of Economic Performance and Social Progress, that we should now be measuring a nation's emotional prosperity rather than its economic prosperity (that is, we ought to focus on the level of mental well-being not the number of pounds in people's bank accounts). The paper reviews recent ideas in this field. It also describes seven recent studies that, worryingly, suggest that emotional prosperity may be declining through time. For labour-market specialists, a key question for future research is how much this downward trend can be traced back to increased pressures in working life. That question currently remains open.

Keywords: well-being, biomarkers, GHQ, happiness, Easterlin paradox

JEL Classification: I1, I3

Suggested Citation

Oswald, Andrew J., Emotional Prosperity and the Stiglitz Commission. IZA Discussion Paper No. 5390, Available at SSRN: https://ssrn.com/abstract=1731194 or http://dx.doi.org/10.2139/ssrn.1731194

Andrew J. Oswald (Contact Author)

University of Warwick - Department of Economics ( email )

Coventry CV4 7AL
United Kingdom
523510 (Phone)

IZA Institute of Labor Economics

Schaumburg-Lippe-Str. 7 / 9
Bonn, D-53072
Germany

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