Publication detail

Economics and Happiness: Why Less Can Be More

Author(s): prof. Ing. Lubomír Mlčoch CSc.,
Type: IES Working Papers
Year: 2005
Number: 94
ISSN / ISBN:
Published in: IES WP 2005/94
Publishing place: Prague
Keywords: welfare economics, happiness, psychology in the economy, equivalence vs. reciprocity, joyless economy vs. economy of communion, we-rationality, relational goods
JEL codes: A11, A12, A13, D6
Suggested Citation:
Abstract: Doubts about the intrinsic value of economic performance are nothing new /T.Scitovsky, J.Galbraith/. The paper starts with a criticism of „catching up“ models and a „puzzle“ of East Germans dissatisfaction with a rise of welfare after the Berlin wall’s fall. Author provides a sketch of the empirical research of subjective happiness since T.Scitovsky´s „Joyless Economy“ and R.Easterlin´s paradox. The limits of rationality „more is better“ have their source both in environmental, social and relational externalities and in a deep economic motivations of man /B.Frey/. The issue from a „stead mill“ of consumerism and domination of an imperial equivalence principle is seen in a conversion to social economy /economy of communion/ based on the principle of reciprocity. The „new Italien school“ /S.Zamagni, L.Bruni/ with an emphasis on „relational goods“ and „multi-dimensional culture“ of business provides a new paradigm for economic policies. Growth – at the end- is a by-product of search for happiness of men – nothing more.
Downloadable: WP 94_Mlcoch
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