Quite often the popular press carries stories that compare happiness or life satisfaction across nations (for example see last October’s story: Denmark is Happiest Country). Regular readers of this blog will recognize these reports as summaries of research on subjective well-being (SWB) and would be somewhat skeptical of SWB comparisons across populations with very different characteristics and cultures. Why?
I recently read a Guardian article on the most common reported regrets from the dying and thought, “oh, that’s a good lead-in for a blog on subjective well-being.” However I see that Nic Marks at the New Economic Foundation beat me to the punch, so I link his insightful post. Nevertheless I’ll extend what he starts and add a development perspective…
Material consumption is the basis of traditional welfare measurement in economic practice. For example
- In standard economic models, an individual’s investment choices are often determined with respect to the discounted streams of expected lifetime consumption under different scenarios.