After a long-held reluctance by the economics discipline to embrace subjective wellbeing as a
legitimate measure of economic outcomes, the past ten to 15 years have seen a burgeoning number
of studies based on such measures. This ‘happiness literature’ has challenged orthodox economics
on a number of fronts, starting from the very foundations of microeconomics. (Reviews can be
found in Dockery 2003 and Frey & Stutzer 2002.) In microeconomics, individual wellbeing is seen
as being derived from the ‘utility’ received through the consumption of goods and services. Utility
is not measured directly; rather, economists use revealed preference to place different consumption
possibilities into rank order. That is, consumers are assumed to be rational and utility-maximising.
If a consumer chooses consumption Set A over Set B, then it follows axiomatically that Set A
offers higher utility than Set B. Higher wealth expands the consumption set available to consumers,
and thus increases in wealth directly increase utility and wellbeing.
After a long-held reluctance by the economics discipline to embrace subjective wellbeing as alegitimate measure of economic outcomes, the past ten to 15 years have seen a burgeoning numberof studies based on such measures. This ‘happiness literature’ has challenged orthodox economicson a number of fronts, starting from the very foundations of microeconomics. (Reviews can befound in Dockery 2003 and Frey & Stutzer 2002.) In microeconomics, individual wellbeing is seenas being derived from the ‘utility’ received through the consumption of goods and services. Utilityis not measured directly; rather, economists use revealed preference to place different consumptionpossibilities into rank order. That is, consumers are assumed to be rational and utility-maximising.If a consumer chooses consumption Set A over Set B, then it follows axiomatically that Set Aoffers higher utility than Set B. Higher wealth expands the consumption set available to consumers,and thus increases in wealth directly increase utility and wellbeing.
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