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The Financial Crisis and the Well- Being of America

The Financial Crisis and the Well- Being of America

(p.343) 10The Financial Crisis and the Well- Being of America
Investigations in the Economics of Aging
Angus Deaton
University of Chicago Press

This chapter analyzes daily measures of self-reported well-being (SWB), and how they respond to financial and macroeconomic circumstances. It is organized as follows. Section 10.2 briefly discusses concepts of well-being, including reminders of long-standing concerns about happiness measures in general and, within SWB measures, the differences between hedonic and evaluative measures of well-being. Section 10.3 explains the behavior of life evaluation over the financial crisis and documents the sensitivity of the measure to questionnaire order effects. Section 10.4 shows what happened to life evaluation and hedonic experience over the crisis. Section 10.5 relates that experience to macroeconomic magnitudes such as income, unemployment, and the stock market; and Section 10.6 concludes. A commentary is included at the end of the chapter.

Keywords:   health, well-being, financial circumstances, life evaluation, financial crisis

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