Subjective-Well-Being Inequality and Per Capita Income: Evidence from the World Values
28 Pages Posted: 9 Dec 2012
Date Written: December 7, 2012
Abstract
The field of “Happiness Research” has grown markedly. A central question is whether economic growth increases mean Subjective Well Being (SWB), one measure of which is happiness.
Cross-sectional analysis clearly indicates that there is a positive relationship between income and SWB. However, in time series this relationship may vanish (the Easterlin Paradox). In this paper, we examine the relationship between economic growth and SWB inequality using data from the World Values Survey and World Development Indicators. The results indicate that economic growth is inversely related to SWB inequality in cross-sectional analysis. There is also evidence that for most countries – 23 out of 26 in the dataset – greater economic growth is associated with a greater decrease in SWB inequality.
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