At the end of this course, students are expected to:
- describe and explain the historical perspective of economists on well-being and welfare;
- explain, defend, and critique the subjective well-being literature, specifically taking into account the effects of income and employment on individuals’ perceived well-being;
- compare and contrast proposed measurement tools for well-being, including the methodological views that underlie these instruments;
- carry out an empirical study examining possible alternatives for classical measures of wellbeing, and report scientifically on these findings.
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This course is part of the minor ‘Well-Being and Society.’
The fact that money does not buy happiness is obvious, but what does? This course offers an interdisciplinary perspective on the nature and determinants of subjective well-being, in particular income and job market outcomes. These insights help us to explore alternatives for Gross Domestic Product (GDP) as a dominant measure for policymakers to improve individuals' well-being. The Inclusive Wealth, Human Development, and Gross National Happiness index, and many other indicators have been suggested as substitutes for GDP, but policy makers remain reluctant to use these measures for a variety of reasons. With the help of various experienced scholars, you will examine these alternative measures and identify benefits and problems of using these indicators for policy making. As part of this course, you will propose, design, and test your own alternative measure for GDP: one that can be useful for policy makers, and is a good indicator for well-being.
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Written exam (60%) and Policy paper (40%)
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