Richard Easterlin and the World

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Presentation transcript:

Richard Easterlin and the World Andrew Oswald April 2018 I would like to record that my earliest work on these issues began, at the start of the 1990s, in close collaboration with researchers Andrew E Clark and David G Blanchflower.

All over the world

All over the world

"Does Money Buy Happiness "Does Money Buy Happiness?" The Public Interest, 3 (Winter), 1973, 3-10.

"Does Money Buy Happiness "Does Money Buy Happiness?" The Public Interest, 3 (Winter), 1973, 3-10. "Does Economic Growth Improve the Human Lot?" in Paul A. David and Melvin W. Reder, eds., Nations and Households in Economic Growth: Essays in Honor of Moses Abramovitz, New York: Academic Press, Inc., 1974.

"Does Money Buy Happiness "Does Money Buy Happiness?" The Public Interest, 3 (Winter), 1973, 3-10. "Does Economic Growth Improve the Human Lot?" in Paul A. David and Melvin W. Reder, eds., Nations and Households in Economic Growth: Essays in Honor of Moses Abramovitz, New York: Academic Press, Inc., 1974. "Will Raising the Incomes of All Increase the Happiness of All?" Journal of Economic Behavior and Organization, 27:1 (June), 1995, 35-48.

"Does Money Buy Happiness "Does Money Buy Happiness?" The Public Interest, 3 (Winter), 1973, 3-10. "Does Economic Growth Improve the Human Lot?" in Paul A. David and Melvin W. Reder, eds., Nations and Households in Economic Growth: Essays in Honor of Moses Abramovitz, New York: Academic Press, Inc., 1974. "Will Raising the Incomes of All Increase the Happiness of All?" Journal of Economic Behavior and Organization, 27:1 (June), 1995, 35-48.

Easterlin’s famous 1974 paper

Easterlin’s famous 1974 paper “..relative status considerations as an important determinant of happiness”. P.30 “The growth process itself engenders ever-growing wants…” P. 33 [final sentence, in the main text, of Easterlin 1974]

Its subversive idea is this:

Its subversive idea is this: Humans care dominantly about their relative income and consumption.

The famous Easterlin paradox

Intriguingly The word ‘paradox’ does not appear in Dick’s 1974 article.

I took the data in the 1974 paper

I took the data in the 1974 paper Across nations Through time

I took the data in the 1974 paper Across nations Through time

But what about from the 1970s right up to today But what about from the 1970s right up to today? Did Richard Easterlin turn out to be right?

Average Happiness Over Time in the USA: The Latest Data 1972 – 2016

Researchers now have results

Researchers now have results From fMRI scans From statistical work on well-being

Title: Social comparison affects reward-related brain activity in the human ventral striatum Author(s): Fliessbach K, Weber B, Trautner P, et al. Source: SCIENCE Volume: 318 Issue: 5854 Pages: 1305-1308 Published: NOV 23 2007

Title: Relative versus absolute income, joy of winning, and gender: Brain imaging evidence Author(s): Dohmen T, Falk A, Fliessbach K, et al. Source: JOURNAL OF PUBLIC ECONOMICS Volume: 95 Issue: 3-4 Special Issue: Sp. Iss. SI Pages: 279-285 Published: APR 2011

Armin Falk and colleagues

Falk et al in Science and JPubEcon

Falk et al in Science and JPubEcon “The mere fact of outperforming the other subject positively affected reward-related brain areas.”

The next slide -- briefly -- is for specialists.

Blood-oxygenation equations (similar with fixed effects, main variation across Ss)

So, inside your brain You simply want to be high up the monkey pack

It has also now been shown that Relative-income variables show up consistently in well-being regression equations. E. Luttmer, Quarterly Journal of Economics 2005 A. E.Clark et al, JPubEcon 1996, JELit 2008 GDA Brown et al, Industrial Relations 2008 and Psychological Science 2010 D. Card et al, NBER paper, 2011.

A person’s happiness and mental health = f(their relative income).

A person’s happiness and mental health = f(their relative income) A person’s happiness and mental health = f(their relative income). Just as Easterlin’s 1974 article predicted.

Is our society going in a sensible direction? The evidence suggests: no.

Perhaps I am biased

My Hero

This talk is in honor of Richard A. Easterlin

This talk is in honor of Richard A. Easterlin A Truly Remarkable Man