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Science of Wellbeing last lec.docx

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University of Toronto Scarborough
G Cupchik

Science of Wellbeing 10/10/13 - (looking at graph)The increasing in wealth and per capita GDP, the richer the countries are the more money they get to spend and the happier they are - ‘Figure.2 satisfaction’ and money buys happiness, if you add 10 000 like Spain and moving over to richest countries and you get smaller increase of wealth, yes money buys happiness but there is fewer and fewer and you need extra money to make you happy - Doubling of GDP is associated with constant increase in life satisfaction-> Once you reach 20 000 per capita money no longer buys you happiness, and that’s 100 000 thousand dollars and more money wouldn’t make you happier. - Welfare and spending money on developing poor countries - Countries that want to increase GDP and exploiting their resources - The Latin American countries are all the way up and maybe their happier because their religious, consistent finding that wealth is a strong predictor and there is measurement error in economy and how much money it is moving around - Correlating something tangible like money and using that to predict single rating on life satisfaction Health satisfaction - Figure.4, Domain satisfaction-> having a life that matches your domain and then why do we see low SES and one domain was health satisfaction and looking at young people 15- 19 there is a small effect and in rich countries and poor countries the health satisfaction is high - In Africa you have HIV and civil war but once a country is relatively stable health satisfaction is good - Another aspect of well-being-> You live longer - Once a country gets richer and richer old people are satisfied with their health - In Canada we enjoy free health care - Old people who worked their whole life on a lowing paying job and that would make you unhappy and you have no money to afford your health and in richer countries like Canada you are provided for healthcare and it leads to higher life satisfaction - The depth in the poor countries people to be unhappy and young people tend to be happier and we are investing major amount of our GDP in healthcare and that is concern with that aging society more money has to be allocated towards healthcare and where does that money come from? And it’s from taxes and young people pay for taxes - Well-being is not just who you are and what you do its question of political as well - And young people are paying more taxes to get healthcare and pay for aging populations, and it all has implications and how much is it fair for persons overall wellbeing and young people would suffer and to maintain the well-being of old people Happiness and wealth (PPP) - We see a leveling off of money buying well-being and you see the real amount of money and the curve shows diminishing marginal utility and for the rich countries the curve under predicts the well-being of the country, and pink dot is above that line so their happier than the curve predicts and the straight line does better - The high end we don’t see this diminishing marginal utility CO2 EMISSIONS slide: - Number of crime, religious people etc., and electricity consumption more and more stuff is being measured and you see how these numbers correlate among countries that use more CO2 emission are happier, people who have a car are happier and have automobiles, and r=.57 for co2 emission it is correlated with happiness, and it is not directly, that is our lifestyle driving back and forth, if you have same level of wealth by using resources you would be happier when you use resources it decreases the resources - Electricity consumption: r=.66 Easterline paradox - GDP has increased tremendously since WWII - Nations avg happiness ratings have not changed or increased only a little - And in the end because in a wealthy country people have resources and can do they want and buy things we have higher well-being and it’s not just basic needs but it’s a whole different lifestyle and affording and this goes against easterlin and he said there is no cross cultural diff and you can’t see well being - The easterlin paradox exists because we can see well-being data over time and for some countries where us the well-being you can see GDP - There was an increase in GDP a doubling Sustainability - Happy planet index= Happy life years/ ecological footprint - GDP is a strong predictor of well-being but when we see increase in GDP we don’t see higher life satisfaction - People of 1880’s wealth comparing to 1880’s wealth and richer people would be happier than poor people - GDP increases without increasing well-being at least in developed countries they are saying it’s not good to increase GDP because it means using more resources and right now we’re using too many of them in China India Russia and brazil - These countries try to create our lifestyle and they use up more resources - The world is changing and question is how are we going to deal with this? - There is a limit to amount of resources and that’s why people came up with happy planet index – measure of happiness ( 0-10) and measure of life years ( how long people life like 60 good years than 30 good years) take amount of life expectancy into effect and life expectancy has increased because money goes towards healthcare - If denominator goes beyond it is bad because using too many resources - We’re doing better than US and we are using a lot of resources - Other than maximizing life years we should maximize planet happy planet index and what do we have to do to increase happy planet and we have to increase ecological footprint - What is the problem with happy planet and which is not eat tropical foods in winter and freeze in winter voting green means lets decrease our well-being to increase our ecological footprint, all of Africa is green and we don’t want to live like how Africa is and shows that happy planet index is not the right tool find tool to increase well-being and increase ecological footprint - Since 10 years ago people started talking about subjective wellbeing Money and well-being in Canada - Empirical findings - Having vs. wanting - Economic theory of Well-Being: historical and oldest theory of well-being. Explains why GDP is spent in a country is a good proxy for overall well-being and by increasing GDP is increasing higher well-being and people think that’s a good thing? Past 30 years GDP has increased but well-being hasn’t. ARTICLE about late 80’s and early 90’s every newspaper had an article about how money doesn’t buy you happiness, and now we have the scientific tools of why it doesn’t buy your happiness - Daniel gilbert writes a book on happiness, and we have psychologists writing about it and they say that “wealth increases human happiness when it lifts people out of abject poverty and into the middle class but that it does little to increase happiness thereafter” - “Economics success falls short as a measure of wellbeing in part because materialism can negatively influence well-being” - People can have all this money and tell you it’s bad for your wellbeing and use it for their own wellbeing Choice maximizes well-being - By increasing choice everybody can get what they want to increase well-being - Underlines the fabric of our country - Freedom of choice is the valuable to Canada Critique of this assumption (picture on phone) - Relevant info is missing like in a jam bottle they say it’s healthy - And make wrong choice and we might be bad to ourselves and make bad choices for ourselves like I feel down and I need to pick me up and I eat chocolate and burger and this will have consequences on my health and it is not maximizing our wellbeing - More choices
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