This paper was published in the Journal of Public Economics.
It explores the idea that more altruistic people are happier than people who are greedy. It states that homo economicus -- someone who seeks happiness for him- or herself -- will not find it, but the person who helps others will.
The authors conclude that "The results of this and other studies raise the question of whether greater attention should be paid to the potential benefits (beyond solely the material ones) of policies that promote charitable donations, volunteerism, service education, and, more generally, community involvement, political action, and social institutions that foster psychological well-being."
2 comments:
Pooja, are you referring to capitalism and socialism in this post? If that is the case then I guess "altruistic people" here represent for socialism while "homo-economicus" can be linked to capitalists?
Anyhow, this essay is interesting because it gives us some new perspectives on what's more important between individual benefits and social welfare. But I also think it's somewhat subjective as history has already proved that socialism doesn't work when it comes to real practice.
This article is really interesting, although I will admit without embarrassment did not read the whole thing (very long) I wills say that the union of psychology and economics seems extremely relevant to explaining the connection of altruism and happiness. I always find it very interesting to see economics venturing into fields beyond where it is typically applied, and this is a prime example of its being used to enlighten us not only about the market, but also ourselves.
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