Happiness and Hardship
Opportunity and Insecurity in New Market Economies
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Happiness and Hardship by Carol L. Graham
Book DescriptionSubjective well being, or happiness, has been analyzed in detail by psychologists for decades. Yet only recently has it become the subject of economic analysis. In Happiness and Hardship, Carol Graham and Stefano Pettinato provide a new conceptual framework for analyzing the relationship between subjective well being and the political sustainability of market-oriented economic growth in 17 Latin American countries and Russia. Several variables --such as marital status, employment, and inflation --are known to influence happiness. Graham and Pettinato have identified other variables that have important effects on how individuals perceive their well being: macroeconomic volatility, globalization of information, increasing income mobility, and inequality driven by technology-led growth. The authors begin by explaining data and measurement problems involved in studying mobility, and they summarize general trends in developing countries. Second, they provide new data on subjective well being for Latin America and Russia. They find that the socio-demographic determinants of ""happiness"" --such as the effects of age and unemployment --are very similar to those in the U.S. and Europe. They also find that relative income differences have important effects on how individuals assess their well being. Those in the middle or lower middle of the income distribution are more likely to be dissatisfied than are the very poorest groups. Third, the authors find that volatility in income flows can have negative effects on perceived well being, even among upwardly mobile individuals. Finally, the authors explore the relationship between social capital and mobility. They distinguish between participation driven by economic necessity --such as soup kitchens --and voluntary participation in civic organizations. They find that different objectives underlying civic participation can result in different effects on individual mobility rates, on perceived well being, and on aggregate growth. An age-old puzzle is why some societies seem to tolerate significant degrees of economic hardship and yet retain political and social stability, while others break out into violent protest as a result of much smaller economic declines or shocks. Happiness and Hardship sheds new light on factors that can increase mobility and provide new opportunities for low-income people in developing economies, and possibly improve perceived, as well as actual, well being.
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Book DetailsISBN: 9780815702412
(229mm x 152mm x 14mm)
Imprint: Brookings Institution
Publisher: Brookings Institution
Publish Date: 1-Nov-2001
Country of Publication: United States
Books By Author Carol L. Graham
Pursuit of Happiness, Paperback (August 2012)
Explores what we know about determinants of happiness and presents potential pitfalls of injecting "economics of happiness" into public policymaking. This book spotlights contributions of happiness research to dismal science. It raises a cautionary note about issues that still need to be addressed before policymakers can make best use of them.
Happiness Around the World, Paperback (January 2012)
The book reviews the theory and concepts of happiness, explaining how these concepts underpin a line of research that is both an attempt to understand the determinants of happiness and a tool for understanding the effects of a host of phenomena on human well being.
Paradox and Perception, Paperback (September 2009)
The ""quality of life"" concept of quality of life is a broad one. It incorporates basic needs but also extends beyond them to include capabilities, the ""livability"" of the environment, and life appreciation and happiness.
Brookings Trade Forum: 2006, Paperback (December 2006)» View all books by Carol L. Graham
Provides comprehensive analysis on emerging issues of international trade and economics. This volume focuses on the topic of labor markets.
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Author Biography - Carol L. Graham
Carol Graham is a senior fellow in the Economic Studies program and codirector of the Center on Social and Economic Dynamics at the Brookings Institution. Stefano Pettinato is a senior research analyst at the Brookings Institution.
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