PHIL2116 Lecture Notes - Lecture 3: Affect Measures, John Stuart Mill, Easterlin Paradox
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L3 what is the measure of well-being: the easterlin paradox", overview of well-being, meaning and measure, well-being and public policy, the (cid:858)easte n pa adox(cid:859) Rising average income not correlated with rising average happiness; yet rising individual income is correlated with rising individual happiness. An individuals own rise in income there was a loss in correlation. At a particular point in time the relationship no longer exists. Others contest the experimental design behind these findings (see deaton, stevenson & wolfers, Plausible that so(cid:373)eo(cid:374)e(cid:859)s (cid:396)elati(cid:448)e i(cid:374)(cid:272)o(cid:373)e (cid:373)ay stay the sa(cid:373)e (cid:271)e(cid:272)ause the (cid:449)hole e(cid:272)o(cid:374)o(cid:373)y(cid:859)s i(cid:374)(cid:272)o(cid:373)e is (cid:396)isi(cid:374)g. people do(cid:374)(cid:859)t (cid:272)a(cid:396)e a(cid:271)out a(cid:271)solute i(cid:374)(cid:272)o(cid:373)e, they (cid:272)a(cid:396)e a(cid:271)out (cid:396)elati(cid:448)e i(cid:374)(cid:272)o(cid:373)e. Income is often used as a proxy measure of happiness. Want to challenge that assumption that income is used to measure happiness. There is a lot of confounders but try to control how happiness is to be affected. Considerations: cross-sectional versus time-series data, transformation of variables (e. g. log income, (cid:373)easu(cid:396)e of (cid:858)happi(cid:374)ess(cid:859)
