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A leading economist discusses the potential of happiness research (the quantification of well-being) 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 well-being; new insights into how human beings value goods and services and social conditions that include consideration of such non-material values as autonomy and social relations; and policy consequences of these new insights that suggest different ways for government to affect individual well-being. 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 well-being, Frey examines such wide-ranging topics as democracy and federalism, self-employment 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 well-being, 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.
The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad paradigm is better than no paradigm. Therefore, the author considers whether value-based economics with normative approaches such as economics of happiness, capability approach, libertarian paternalism, and the concept of multiple self can be the alternative paradigm for value-free economics. This book is essential reading to everyone interested in the current state of economics as a discipline.
The idea of comparing rewards with others has a long and persistent presence in the social sciences, and can be found in many psychological, social and managerial theories. In economics, this idea can be traced back through the works of a substantial number of eminent thinkers, from Genovesi and Hume, to Smith, Ricardo, Marx, and Mill, through to Veblen, Pigou, and Keynes. In the last two decades the notion of social comparisons has started to appear more frequently in economic literature, especially in the subfield of happiness research. There are also signs that the notion has resurfaced in some strands of literature such as positional concerns, social identity models and social capital theory. Comparisons in Economic Thought offers a uniquely comprehensive account of how social comparisons have featured in the history of economic thought. This book provides an assessment as to why social comparisons have been dismissed by mainstream economists and considers their current and future usefulness. This volume is suitable for those who are interested and study history of economic thought, economic methodology and History of Consumer Theory, as well as Rational Choice Theory.
Few would dispute that the well-being of individuals is one of the most desirable aims of human actions. However, approaches on how to define, measure, evaluate, and promote well-being differ widely. The conventional economic approach takes income (or the power to acquire market goods) as the most important indicator for well-being, and the utility function as the formal device for positive and normative analysis. However, this approach to well-being has been questioned for being seriously limited and other approaches have arisen. The capability approach to well-being, which has been developed during the last two decades by Amartya Sen and Martha Nussbaum, and the Happiness Approach to well-being, championed by Richard Easterlin, both provide an alternative. Both approaches come from different traditions and have developed independently, but nevertheless aim to overcome the rigid boundaries of the conventional economic approach to well-being. Given these common aims, it is surprising that little comparative work has been undertaken across these approaches. This book aims to correct this by providing the reader with contributions from leading names associated with both approaches, as well as contributions which evaluate the approaches and contrast one with the other.
Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.
The construct ‘‘quality of life (QoL)’’, since the 1980s, when it was introduced, is being used mainly in the context of health problems. Areas of one’s life that contribute to QoL are good physical and mental health, efficient cognitive functioning, social support, being able to meet the requirements of professional life, positive emotions, etc (Power, 2003). Work on subjective well-being (SWB), on the other hand, was developed in the context of healthy everyday life; it also has a history of more than 30 years. During this 30-year period factors that have an impact on SWB, such as SES, gender, health, age, and religiosity have been identified (Diener, 2000). A third independent line of research pertains to what has been called Positive Psychology (Seligman & Csikszentmihalyi, 2000), that is, an emphasis on human strengths, such as optimism, hope, wisdom, positive emotions, resilience, etc., which contribute to positive functioning in life. Recently, SWB has been associated to human strengths and to the movement of positive psychology but this did not happen for QoL, possibly because of its emphasis on people with health problems. However, QoL can be conceived of as a generic term that pertains to all people, healthy or not. In this sense, it is closely related to SWB defined as happiness (Diener, 2000). Also, QoL encompasses positive emotions that go beyond happiness and has the advantage that it can be applied to many different domains of life such as interpersonal relations, health-related situations, and professional and educational strivings. Moreover, the mechanism(s) that underpin QoL and SWB can be studied in relation to people’s goals and strengths of character, that is, from a positive psychological perspective. Such a perspective can reveal the specificities of “quality” in the various domains of life and, specifically, the positive emotions and strengths that contribute to a happier, healthier, and more successful life, even in face of adversity. Therefore, despite the differences among the three theoretical traditions, namely QoL, SWB, and positive psychology, it is possible to find the common ground they share and each of them can benefit from notions developed in the others. The aim of the present book is to bring together these three traditions, show the interactions of variables emphasized by them, and give an integrative perspective from the positive psychology point of view. It also aims to extend the range of life situations in which one can look for quality and which go beyond the traditional emphasis of QoL on health problems. Thus, the content of the proposed book covers different age populations (from children to older adults), healthy and people facing health problems as well as people facing problems in their interpersonal lives or in their pursuits. It also discusses factors that contribute to marital satisfaction, well being in the school context, and things that people value and cherish. The chapters refer to notions such as happiness, interest, resilience, wisdom, hope, altruism, optimism, and spirituality/religiosity that represent unique human strengths. Finally, it emphasizes the role of goals and motivation that connect SWB with self-regulation and managing of one’s life priorities. To conclude, the chapters included in the proposed edited book aim at bringing to the fore new theoretical developments and research on QoL, SWB, and positive psychology that bridges previously distinct theoretical traditions. The proposed book covers a broad range of topics, addresses different theoretical interests and paves the way for a more integrative approach. Finally, it brings together an international set of authors, from USA, Europe, Australia, and Asia.
This book contains recommendations for national and local policy makers and presents a set of international best practices for social enterprises.
There is a paradox at the heart of our lives. We all want more money, but as societies become richer, they do not become happier. This is not speculation: It's the story told by countless pieces of scientific research. We now have sophisticated ways of measuring how happy people are, and all the evidence shows that on average people have grown no happier in the last fifty years, even as average incomes have more than doubled. The central question the great economist Richard Layard asks in Happiness is this: If we really wanted to be happier, what would we do differently? First we'd have to see clearly what conditions generate happiness and then bend all our efforts toward producing them. That is what this book is about-the causes of happiness and the means we have to effect it. Until recently there was too little evidence to give a good answer to this essential question, but, Layard shows us, thanks to the integrated insights of psychology, sociology, applied economics, and other fields, we can now reach some firm conclusions, conclusions that will surprise you. Happiness is an illuminating road map, grounded in hard research, to a better, happier life for us all.
This seventh volume of The Foundations of Behavioral Economic Analysis covers a range of topics in behavioral economics. It is an essential guide for advanced undergraduate and postgraduate students seeking a concise and focused text that explores the key areas of emotions in economics, behavioral welfare economics, and neuroeconomics. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioral economics.
This book is a welcome consolidation and extension of the recent expanding debates on happiness and economics. Happiness and economics, as a new field for research, is now of pivotal interest particularly to welfare economists and psychologists.