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Religiosity, Schooling and Happiness: A Case for Supplementing Traditional Schooling with Value Education

Madhu S Mohanty
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Madhu S Mohanty: California State University, Los Angeles, USA

Indian Economic Review, 2015, vol. 50, issue 1, 43-77

Abstract: With a view to exploring alternative methods of augmenting personal happiness, the current study examines the variables that affect the two major determinants of happiness: income and positive attitude. Income, the objective determinant of happiness, is already known in the literature to depend on schooling. Following an instrumental variable approach, the current study demonstrates that more schooling by increasing income is likely to enhance an individual’s personal happiness. Following the propensity score matching approach, the current study further demonstrates that religious attendance affects positive attitude, the subjective determinant of happiness, positively. Treating religious attendance as a proxy for value education, the study recommends supplementing traditional schooling with value education to simultaneously improve income and attitude, leading to an increase in personal happiness.

Keywords: Income; Attitude; Religiosity; Value Education; Propensity Score Matching (search for similar items in EconPapers)
JEL-codes: A12 A13 A14 Z13 Z18 (search for similar items in EconPapers)
Date: 2015
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