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Do we really know what makes us happy? A review of the economic literature on the factors associated with subjective well-being

By Paul Dolan, Tessa Peasgood and Mathew White

Abstract

There is increasing interest in the “economics of happiness”, reflected by the number of articles that are appearing in mainstream economics journals that consider subjective well-being (SWB) and its determinants. This paper provides a detailed review of this literature. It focuses on papers that have been published in economics journals since 1990, as well as some key reviews in psychology and important unpublished working papers. The evidence suggests that poor health, separation, unemployment and lack of social contact are all strongly negatively associated with SWB. However, the review highlights a range of problems in drawing firm conclusions about the causes of SWB; these include some contradictory evidence, concerns over the impact on the findings of potentially unobserved variables and the lack of certainty on the direction of causality. We should be able to address some of these problems as more panel data become available

Topics: HM Sociology, HN Social history and conditions. Social problems. Social reform, HV Social pathology. Social and public welfare. Criminology
Publisher: Elsevier
Year: 2008
DOI identifier: 10.1016/j.joep.2007.09.001
OAI identifier: oai:eprints.lse.ac.uk:32567
Provided by: LSE Research Online
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