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 five to one when it comes to a sense of personal well-being. In other words, the unemployment rate rising 1 percentage point causes as much misery as the rate of inflation rising 5 points.
Like this content? Why not share it?
There Are No Comments
Click to Add the First »
Click to Add the First »