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Economics and Happiness Research: Insights from Austrian and Public Choice Economics

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Happiness and Public Policy

Abstract

Over the past decade economists have increasingly focused on the implications of happiness, also known as subjective well-being, for economic theory and policy.1 The focus on happiness can be seen as part of the larger behavioral movement in economics. To understand the growth and impact of this area of research, consider that the 2002 Nobel Prize in economics was awarded to a psychologist, Daniel Kahneman, “for having integrated insights from psychological research into economic science, especially concerning human judgment and decision making under uncertainty.”2 The main focus of the happiness and economics research has been on understanding the interconnection between economic outcomes and the resulting happiness of economic actors. The work in this area has yielded many implications for policy in a number of areas including public finance (government expenditure and taxation), welfare policy and labor law.

We would like to thank the editors, David Prychitko, Arnold Kling and readers of The Austrian Economists blog for useful comments and suggestions. The financial support of the Mercatus Center is acknowledged.

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Authors
  1. Christopher J. Coyne
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  2. Peter J. Boettke
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Editor information

Editors and Affiliations

  1. Nanyang University, Singapore

    Yew-Kwang Ng

  2. Centre for Public Policy Studies, Lingnan University, Hong Kong

    Lok Sang Ho (Professor of Economics and Director) (Professor of Economics and Director)

Copyright information

© 2006 Christopher J. Coyne and Peter J. Boettke

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Coyne, C.J., Boettke, P.J. (2006). Economics and Happiness Research: Insights from Austrian and Public Choice Economics. In: Ng, YK., Ho, L.S. (eds) Happiness and Public Policy. Palgrave Macmillan, London. https://doi.org/10.1057/9780230288027_5

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