BEHAVIORAL APPROACH TO THE SUSTAINABILITY OF THE SOCIOECONOMIC ORDER

Teodor Sedlarski

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2018, vol. 16, issue 1, 269-290

Abstract: This article elaborates on the ability of the socioeconomic system based of free markets to provide the expected result associated with it – sustainable levels of subjective wellbeing. Concepts from emerging research fields such as happiness economics, economics of social status, behavioral economics are used to shed light on often overlooked effects that accompany the increased freedom of choice, social mobility and material abundance.

Keywords: socioeconomic order; institutions; hedonic treadmill; subjective wellbeing; relative income; conspicuous consumption; adaptation-level theory; social status; prospect theory (search for similar items in EconPapers)
JEL-codes: B52 I31 P16 P36 P51 (search for similar items in EconPapers)
Date: 2018
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