De Neve, Jan-Emmanuel, Ward, George W., de Keulenaer, Femke, van Landeghem, Bert, Kavetsos, Georgios and Norton, Michael I. (2014) The asymmetric experience of positive and negative economic growth: global evidence using subjective well-being data. CEP Discussion Papers (CEPDP1304). Centre for Economic Performance, LSE, London, UK.
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Abstract
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.
| Item Type: | Monograph (Discussion Paper) |
|---|---|
| Official URL: | http://cep.lse.ac.uk/_new/publications/series.asp?... |
| Additional Information: | © 2014 The Authors |
| Divisions: | Social Policy Centre for Economic Performance |
| Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HV Social pathology. Social and public welfare. Criminology |
| JEL classification: | D - Microeconomics > D0 - General > D00 - General D - Microeconomics > D6 - Welfare Economics > D69 - Other I - Health, Education, and Welfare > I3 - Welfare and Poverty > I39 - Other O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic Development |
| Date Deposited: | 04 Nov 2014 14:35 |
| Last Modified: | 11 Dec 2024 19:14 |
| Funders: | Economic and Social Research Council |
| URI: | http://eprints.lse.ac.uk/id/eprint/60054 |
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