Employee satisfaction and firm value: A global perspective

Alex Edmans, 25 July 2014

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Is employee satisfaction good or bad for firm value? While it may seem natural that companies should do better if their workers are happier, this relationship is far from obvious. The 20th-century way of managing workers (e.g.

Topics: Labour markets, Microeconomic regulation, Productivity and Innovation
Tags: employee satisfaction, employment, employment protection, happiness, Labour Markets, labour-market flexibility, labour-market regulation, Management, productivity, profits, Stock returns, work, worker satisfaction

Using happiness scales to inform policy: Strong words of caution

Timothy N. Bond, Kevin Lang, 4 July 2014

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Economists have long known that GDP is an imperfect measure of well-being. In addition to missing nonmarket transactions, it ignores environmental degradation, the quality of social interactions, and many other outcomes of economic interest. But at least since Easterlin (1974) some economists have gone further, and challenged the view that per capita GDP and well-being are positively related.

Topics: Frontiers of economic research
Tags: GDP measurement, happiness, wellbeing

Why GDP just doesn’t add up

Diane Coyle interviewed by Viv Davies, 9 Jun 2014

As a measure of economic activity, GDP is imperfect, but no more so than any single indicator of the whole economy. Yet public policy debate about the economy is often focused on GDP growth to the exclusion of other important considerations. This Vox Talk argues the case for a ‘dashboard’ of alternative indicators that, in addition to measuring economic activity, could also capture social welfare, sustainability and the benefits of innovation.

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Topics: Frontiers of economic research
Tags: GDP measurement, happiness, hedonic price index

What good are children?

Angus Deaton, Arthur Stone, 4 March 2014

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It is a commonplace that new parents are overwhelmed by a “tsunami of love” when they first meet their dependent offspring. Older children, though often a source of irritation and worry, are also a source of joy, and there are few parents who can even bear to think of a world without their children.

Topics: Frontiers of economic research
Tags: children, happiness, life satisfaction

Measuring economic progress

Diane Coyle, 17 February 2014

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The debate about how best to measure economic activity dates back to well before the ‘invention’ of GDP by Richard Stone and others during the Second World War (Stone 1947). The earliest attempt was William Petty’s 1665 estimate of income and expenditure in England and Wales, followed by a variety of other approaches in the 18th and 19th centuries.

Topics: Frontiers of economic research
Tags: GDP measurement, happiness, hedonic price index

GDP and life satisfaction: New evidence

Eugenio Proto, Aldo Rustichini, 11 January 2014

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A commission on the measurement of economic performance and social progress was created on the French government’s initiative. Since 2008, this distinguished group of social scientists has put subjective well-being into the limelight as a possible supplement to traditional measures of development such as GDP (Stiglitz et al. 2009).

Topics: Development, Frontiers of economic research
Tags: development, Easterlin paradox, growth, happiness, national income, subjective well-being

Happiness and voting

Federica Liberini, Eugenio Proto, Michela Redoano, 15 November 2013

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The idea that states should support and protect citizens’ wellbeing goes back at least two hundred and fifty years – as stated in the 1776 US Declaration of Independence.1

Topics: Frontiers of economic research, Politics and economics
Tags: happiness, subjective wellbeing, voting

The midlife crisis in humans and other apes

Andrew J Oswald, 5 December 2012

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Happiness is approximately U-shaped across a person’s life. It has been known for more than two decades by behavioural scientists and wellbeing researchers that human happiness and mental health appear to follow a large, looping, U-shaped trajectory through the main part of people’s lives (cf. Feddersen, Metcalfe, and Wooden 2012).

Topics: Frontiers of economic research
Tags: happiness, mid-life, natural sciences

The costs of Hurricane Sandy: Life satisfaction as an alternative to GDP

John Feddersen, Robert Metcalfe, Mark Wooden, 2 November 2012

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Early forecasts suggest that Hurricane Sandy won’t influence US GDP much, positively or negatively. For example, IHS Global Insight estimates a reduction of 0.5% in the final quarter of 2012, while Capital Economics believes the rebuilding effort may actually increase GDP.

Topics: Environment, Frontiers of economic research
Tags: catastrophes, happiness, Hurricane Sandy, wellbeing

Aspirations, wellbeing, risk-aversion, and loss-aversion

Kees Koedijk, Meir Statman, Rachel Campbell, 30 March 2012

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“Rich or poor, it’s always nice to have money”, as the old saying goes. But rich is relative, as US Congressman John Flemming recently demonstrated in an on-the-air MSNBC interview. He complained about taxes that were so high that “by the time I feed my family, I have maybe $400,000 left over”.

Topics: Frontiers of economic research
Tags: happiness, life satisfaction, wellbeing

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