When Does Economic Growth Improve Well-Being?

Francesco Sarracino

Chapter Chapter 15 in The Economics of Happiness, 2019, pp 355-370 from Springer

Abstract: Abstract Is economic growth the way to pursue better lives? After the second world war, many industrialized countries experienced an unprecedented economic growth that significantly improved people’s living conditions. However, the raising wealth did not result in higher well-being. This conclusion is inconsistent with the well established belief that economic growth is the way to improve the human lot. In this chapter I discuss the evidence on some of the conditions for durable improvements in well-being, namely promoting social capital, and reducing income inequality. I conclude that the quality of growth matters for well-being and that it is possible to adopt policies to make economic growth and well-being compatible.

Date: 2019
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DOI: 10.1007/978-3-030-15835-4_15

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