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Money, Sociability and Happiness: Are Developed Countries Doomed to Social Erosion and Unhappiness?

Abstract  

Discovering whether social capital endowments in modern societies have been subjected or not to a process of gradual erosion
is one of the most debated topics in recent economic literature. Inaugurated by Putnam’s pioneering studies, the debate on
social capital trends has been recently revived by Stevenson and Wolfers (2008) contending Easterlin’s assessment. Present work is aimed at finding evidence for the relationship between changes in social
capital and subjective well-being in western Europe, Australia, Canada and Japan between 1980 and 2005. In particular, I would
like to answer questions such as: (1) is social capital in western Europe, Canada, Australia and Japan declining? Is such
erosion a general trend of modern and richer societies or is it a characteristic feature of the American one? (2) can social
capital trend help explain subjective well-being trend? Therefore, present research considers three different set of proxies
of social capital controlling for time and socio-demographic aspects using WVS-EVS data between 1980 and 2005. Present results
are encouraging, showing evidence of positive correlation between several proxies of social capital and both happiness and
life satisfaction. Furthermore, results show that during last twenty-five years people in some of the most modern and developed
countries have persistently lost confidence in the judicial system, religious institutions, parliament and civil service.

  • Content Type Journal Article
  • Pages 1-54
  • DOI 10.1007/s11205-011-9898-2
  • Authors
    • Francesco Sarracino, CEPS/INSTEAD, 3, Avenue de la Fonte, Esch-sur-Alzette, Luxembourg
    • Journal Social Indicators Research
    • Online ISSN 1573-0921
    • Print ISSN 0303-8300
Posted in: Journal Article Abstracts on 07/24/2011 | Link to this post on IFP |
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