Happiness and Economics: How the Economy and Institutions Affect Well-Being

Still convinced money doesn't buy happiness? In Happiness & Economics: How the Economy and Institutions Affect Human Well-Being, economists Bruno S. Frey (Inspiring Economics) and Alois Stutzer demonstrate how unemployment and inflation lead to unhappiness and argue that increased happiness comes with increased wealth. While this is no surprise, their next declaration may be. Far more important than wealth to well-being, they say, is democracy. Drawing on research conducted in Switzerland's single-economy, multi-state nation (where levels of democracy vary between cantons) the authors show how participation in governmental procedures and a sense of local autonomy empowers and satisfies people more than a full wallet. ( Dec.)