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Happiness and Economics

How the Economy and Institutions Affect Human Well-Being
in: Sociology
Summary:

The book explores the relationship between economic factors and individual happiness, analyzing how economic policies, market functioning, and institutional frameworks influence people's well-being. It employs empirical evidence and economic theory to suggest that beyond a certain point, increases in income have a diminishing effect on happiness, and it emphasizes the role of non-material values and social capital in contributing to a fulfilling life.

Key points:

1. Economics vs. Happiness: Frey and Stutzer show how income, inflation, and unemployment affect happiness. They note that while economic growth can increase happiness, the effect lessens once basic needs are met.

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