Relative deprivation and individual well-being
Xi Chen ()
IZA World of Labor, 2015, No 140, 140
People who are unable to maintain the same standard of living as others around them experience a sense of relative deprivation that has been shown to reduce feelings of well-being. Relative deprivation reflects conditions of worsening relative poverty despite striking reductions in absolute poverty. The effects of relative deprivation explain why average happiness has been stagnant over time despite sharp rises in income. Consumption taxes on status-seeking spending, along with official and traditional sanctions on excess consumption and redistributive policies may lessen the negative impact of relative deprivation on well-being.
Keywords: relative status; relative poverty; relative deprivation; health; happiness; well-being (search for similar items in EconPapers)
JEL-codes: I14 I32 Z18 D62 D78 D63 (search for similar items in EconPapers)
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