Beyond money: toward an economy of well-being (2004)
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| Venue: | PSYCHOLOGICAL SCIENCE IN THE PUBLIC INTEREST |
| Citations: | 219 - 2 self |
BibTeX
@INPROCEEDINGS{Diener04beyondmoney:,
author = {Ed Diener and Martin E. P. Seligman},
title = {Beyond money: toward an economy of well-being},
booktitle = {PSYCHOLOGICAL SCIENCE IN THE PUBLIC INTEREST },
year = {2004},
publisher = {American Psychological Society}
}
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Abstract
Policy decisions at the organizational, corporate, and governmental levels should be more heavily influenced by issues related to well-being––people’s evaluations and feelings about their lives. Domestic policy currently focuses heavily on economic outcomes, although economic indicators omit, and even mislead about, much of what society values. We show that economic indicators have many shortcomings, and that measures of well-being point to important conclusions that are not apparent from economic indicators alone. For example, although economic output has risen steeply over the past decades, there has been no rise in life satisfaction during this period, and there has been a substantial increase in depression and distrust. We argue that economic indicators were extremely important in the early stages of economic development, when the fulfillment of basic needs was the main issue. As societies grow wealthy,
Keyphrases
economic indicator well-being point economic outcome economic output past decade main issue economic development early stage well-being people society value policy decision substantial increase domestic policy many shortcoming life satisfaction important conclusion basic need governmental level
