|Module / ECTS / Path / Specialisation||Module :Economy of Happiness : 5 ECTS.|
|Open for visitors||yes (5 ECTS)|
|Working language :||English|
|Volume of contact hours :||27 h|
|Workload to be expected by the student :||108 h|
Track : Attendance
“We live in a favored age and yet we do not feel favored.” The Progress Paradox sets out to explain “why capitalism and liberal democracy, both of which justify themselves on the grounds that they produce the greatest happiness for the greatest number, leave so much dissatisfaction in their wake.” Just how important to happiness is wealth? How important is marriage? Parenthood? Job satisfaction? Leisure time? Health? The rate of unemployment? The rate of economic growth? Democratic institutions? Social safety nets, etc.? In other words, how do various factors such as economic growth, unemployment and inflation, as well as institutional variables, affect individual well-being? Are people with a higher income happier than those who earn less? Can we find a correlation between happiness and GDP, both at the individual and national levels?
It may appear obvious to ask these kinds of questions, but until recently economists, for the most part, ignored them. Therefore, today’s interest in this area constitutes a real revolution in the field of economics.
Then, as an alternative approach, we will use the tools provided by the theory of the “economics of happiness”. Finally, we will examine the concept of “Capability,” which provides a framework for understanding to what extent an individual is truly free.
The objective of this course is twofold. First, it is to give a solid base enabling students to better understand economic matters and their evolution. Second, an opening will be provided on recent work in economics of happiness which relates to critical issues such as quality of life, sustainable development, and measures of economic performance.
- Explain and retain main evidences of economics of happiness
- Explain , apprehend and understand the progress paradox of hypermodern societies
- Analyze , understand and describe the new issues to measure progress and to do the link with happiness
- Analyze , understand, and describe, the salient facts of happiness
- Choose and explore one important issue of economics of happiness (report and oral presentation)
I. Some glimpses of Economy of Happiness
a. Salient facts on happiness
b. GDP and Happiness
c. How does income affect happiness?
d. How does unemployment and inflation affect happiness?
II. International Comparisons
a. Example of rankings
b. The better life index
c. How to interpret these international comparisons of happiness?
III. Creativity and Happiness
Delle Fave A., Brdar I. , Freire T., Vella-Brodrick D. and Wissing M.P (2011), “The Eudaimonic and Hedonic Components of Happiness: Qualitative and Quantitative Findings,” Social Indicators Research, January 2011, Volume 100, Issue 2, pp 185-207
Di Tella R., MacCulloch R.J. and Oswald A.J. (2001), "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness," American Economic Review, vol. 91(1), pages 335-341, March.
Easterlin, R.A. (1974), “Does economic growth improve the human lot? Some empirical evidence”, in P.A. David and M.W. Reder (Eds.), Nations and households in economic growth: Essays in honor of Moses Abramowitz. New York: Academic Press.
Florida R., Mellander C. and Rentfrow J. (2013), “The Happiness of Cities”, Regional Studies, 47:4, pp. 613-627
Frey, B.S. and Stutzer A. (2002), "What Can Economists Learn from Happiness Research?" Journal of Economic Literature, 40(2), pp. 402-435
Konow J. and Earley J. (2008), "The Hedonistic Paradox: Is homo economicus happier," Journal of Public Economics, vol. 92(1-2), pp. 1-33, February.
Inglehart R. (1997), Modernization and Postmodernization, Princeton University Press, Princeton
Mellander C., .Florida R., Rentfrow J. (2011), “The creative class, post-industrialism and the happiness of nations” Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 5(1), pages 31-43.
Munier F. and Pan J. (2014), “Creativity, Growth, and Nudge: the Case of Shanghai”, Marché & Organisation, april, special session China
Munier F. and El ouardighi J. (2013, “Should the ECB be reformed: Empirical Evidences and Proposals for Public Happiness Policies?, Public Happiness Interdisciplinary Conference Rome June 4-5, 2013, LUMSA University, Rome University of Milan - Bicocca University of Rome - Tor Vergata St. Thomas Aquinas University, Rome HEIRS, CISEPS, IREC
Stiglitz J.E., Sen A. and Fitoussi J.-P. , Report by the Commission on the Measurement of Economic Performance and Social Progress, www.stiglitz-sen-fitoussi.fr
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