The Joy of Economics:  Making Sense out of Life

Robert J. Stonebraker, Winthrop University

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Contents
Section I-A: Scarcity and Choice
Section I-B: How do we Choose
Section I-C: Efficiency and Competition
Section II-A: Love and Marriage
Section II-B: Sickness and Death
Section II-C: Crime
Section II-D: Higher Education
Section II-E: Religion
Section II-F: Shopping
Section II-G: Happiness
Section III-A: GDP
Section III-B: Unemployment and Inflation
Section III-C: Deficits and Debt
 

     Section II-G: Happiness

 

          Pleasure is the beginning and the end of living happily.
                                                                        .....Epicurus

 

          Economists assume that the pursuit of happiness or "utility" motivates behavior.  But what makes us happy?  What fulfills us?  Money and success are surely important, but do we care more about them in an absolute sense or in a relative sense?  Is it better to be a big fish in a little pond or a little fish in a big pond?

          We have unmatched access to goods and services, but do we enjoy them?  Do we know how to enjoy them?  We have unmatched opportunities for leisure, yet feel crushed by pressures for more time.  While increased wealth should enable us to devour cultural activities on an unprecedented scale, the live performing arts are in financial chaos.

          I wonder why?

 

II-G.  Happiness
         1.   It's All Relative
         2.   Lots of Stuff versus More Stuff
         3.   Too Much to Do
         4.   Starving Artists

 

Permission to reproduce or copy all or parts of this material for non-profit use is granted on the condition that the author and source are credited.  Suggestions and comments are welcomed.

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Last modified 07/02/05