The asymmetric experience of positive and negative economic growth: global evidence using subjective well-being data
| Autor: | Femke de Keulenaer, Jan-Emmanuel De Neve, Michael I. Norton, Bert Van Landeghem, George Ward, Georgios Kavetsos |
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| Přispěvatelé: | Research Centre for Educ and Labour Mark, RS: GSBE DUHR |
| Jazyk: | angličtina |
| Rok vydání: | 2014 |
| Předmět: |
Economics and Econometrics
economic growth business cycles subjective well-being loss aversion media_common.quotation_subject jel:D00 HC Economic History and Conditions Article HV Social pathology. Social and public welfare. Criminology jel:D03 jel:D69 Rlab Loss aversion 0502 economics and business ddc:330 Business cycle Economics Subjective well-being 050207 economics 050205 econometrics computer.programming_language media_common O11 I39 050208 finance Poverty Public economics Eurobarometer 05 social sciences 1. No poverty economic growth business cycles subjective well-being Welfare cost of business cycles Unemployment 8. Economic growth jel:O11 jel:I39 D03 D69 computer Social Sciences (miscellaneous) |
| ISSN: | 0034-6535 |
| Popis: | Are individuals more sensitive to losses than gains in macroeconomic growth? Using subjective well-being measures across three large data sets, we observe an asymmetry in the way positive and negative economic growth are experienced, with losses having more than twice as much impact on individual happiness as compared to equivalent gains. We use Gallup World Poll data drawn from 151 countries, BRFSS data taken from a representative sample of 2.5 million US respondents, and Eurobarometer data that cover multiple business cycles over four decades. This research provides a new perspective on the welfare cost of business cycles with implications for growth policy and our understanding of the long-run relationship between GDP and subjective well-being. |
| Databáze: | OpenAIRE |
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