Justin Wolfers
This idea that all that mattered was your income relative to others was an idea known as the Easterlin paradox. So we did the simplest possible thing an economist could do, which is we gathered as much data as we could from all around the world. And we confirmed it’s absolutely true that within a country at a point in time, richer people are happier … [ Read more ]
Content: Quotation | Author: Justin Wolfers | Source: McKinsey Quarterly | Subject: Economics
Justin Wolfers
There are a large number of people who say the measure of a country is not its GDP—it’s the smiles, it’s the hugs, it’s the joy. It’s more than just that. It’s the meaning. And that’s true. But that doesn’t make economics irrelevant. It just says we should measure those things.
Content: Quotation | Author: Justin Wolfers | Source: McKinsey Quarterly | Subject: Economics
People Prefer Inflation To Prospect of Job Loss
Being able to get a job is more important than stable prices to people’s sense of satisfaction and happiness. So says research on the effects of inflation and unemployment by Justin Wolfers, assistant professor of political economy at the Stanford Graduate School of Business. His findings, based on analysis of over half a million individual surveys, show that unemployment outweighs inflation by a ratio of … [ Read more ]
Content: Article | Author: Justin Wolfers | Source: Stanford University | Subject: Economics