Socially Responsible Behavior, social capital and firm performance Social capital, GDP and well-being over time Introduction Happy for How Long? How Social Capital and The (unanswered) question GDP relate to Happiness over Time Empirical strategy Results The long run Data 1 First conclusion From the long to the medium-term Stefano Bartolini Francesco Sarracino Data 2 Second conclusion From the medium to the short-term University of Siena CEPS/INSTEAD Third conclusion and Conclusion CEPS/INSTEAD Population et Emploi University of Milano Bicocca 21 st - 22 nd of October 2011 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 1 / 37
GDP and SWB over time Social capital, GDP and well-being over time Much of the SWB literature focuses on the question: Introduction The (unanswered) “How far is general income growth (beyond question Empirical strategy income levels already achieved) likely to Results The long run increase average happiness?” (Layard et al., 2009, p. 1) Data 1 First conclusion From the long to the This is a question about time series relationships medium-term Data 2 Second conclusion From the medium to the short-term Third conclusion Conclusion 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 2 / 37
GDP and SWB over time Social capital, GDP and well-being over time Much of the SWB literature focuses on the question: Introduction The (unanswered) “How far is general income growth (beyond question Empirical strategy income levels already achieved) likely to Results The long run increase average happiness?” (Layard et al., 2009, p. 1) Data 1 First conclusion From the long to the This is a question about time series relationships medium-term Data 2 Second conclusion From the medium to the short-term Third conclusion The answer: Conclusion SWB does not increase as income grows (the Easterlin Paradox) 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 2 / 37
Main explanations Social capital, GDP and well-being over time Introduction The (unanswered) question Empirical strategy Aspirations: after a while people adapt to their living standard Results The long run by raising their aspirations. SWB is predicted by past income; Data 1 First conclusion From the long to the medium-term Social comparisons: people compare themselves with others Data 2 Second conclusion and set their aspirations accordingly. SWB is predicted by From the medium to the short-term reference income. Third conclusion Conclusion 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 3 / 37
Is GDP on the wane? Social capital, GDP and well-being over time Introduction All-in-all: The (unanswered) question Easterlin paradox + Empirical strategy plausible explanatory theories + Results The long run robust empirical evidence = Data 1 First conclusion From the long to the medium-term Data 2 GDP is on the wane Second conclusion From the medium to the short-term Third conclusion we should dedicate to “something else” the attention and the Conclusion policy efforts that contemporary societies pour into economic growth (i.e. social capital, social tolerance, political freedom, religiosity and health). 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 4 / 37
don’t go that fast... Social capital, GDP and well-being over time Introduction The (unanswered) question Empirical strategy Results The long run Data 1 First conclusion From the long to the medium-term Data 2 Second conclusion From the medium to the short-term Third conclusion Conclusion 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 5 / 37
don’t go that fast... Social capital, GDP and well-being over time Introduction The (unanswered) question Empirical strategy Results The long run Data 1 First conclusion From the long to the medium-term Data 2 Second conclusion From the medium to the short-term Third conclusion Conclusion 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 6 / 37
Three new developments Social capital, GDP and well-being over time Introduction The (unanswered) question SWB varies in the long run and it doesn’t vary in the same 1 Empirical strategy way in every country (Stevenson and Wolfers, 2008; Inglehart, 2009. Results The long run Data 1 First conclusion From the long to the medium-term Data 2 Second conclusion From the medium to the short-term Third conclusion Conclusion 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 7 / 37
Three new developments Social capital, GDP and well-being over time Introduction The (unanswered) question SWB varies in the long run and it doesn’t vary in the same 1 Empirical strategy way in every country (Stevenson and Wolfers, 2008; Inglehart, 2009. Results average SWB is positively correlated with average income over The long run 2 Data 1 time Stevenson and Wolfers (2008) and Sacks et al. (2010) First conclusion From the long to the medium-term Data 2 Second conclusion From the medium to the short-term Third conclusion Conclusion 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 7 / 37
Three new developments Social capital, GDP and well-being over time Introduction The (unanswered) question SWB varies in the long run and it doesn’t vary in the same 1 Empirical strategy way in every country (Stevenson and Wolfers, 2008; Inglehart, 2009. Results average SWB is positively correlated with average income over The long run 2 Data 1 time Stevenson and Wolfers (2008) and Sacks et al. (2010) First conclusion From the long to the medium-term before focusing on “something else” we need to be sure that 3 Data 2 this something else is not subject to adaptation and social Second conclusion From the medium to comparisons as GDP (unemployment, marriage, divorce, the short-term Third conclusion widowhood, the birth of the first child, health, social capital Conclusion and religion). 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 7 / 37
or is GDP not on the wane? Social capital, GDP and well-being over time Introduction The (unanswered) question trends of SWB show international variability + Empirical strategy GDP is a good predictor of this variability + Results The long run the alternatives to GDP have the same limitations = Data 1 First conclusion From the long to the medium-term Data 2 Second conclusion GDP is not on the wane From the medium to the short-term Third conclusion we should not downsize the role of GDP as an indicator of Conclusion well-being. 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 8 / 37
the Easterlin paradox: a matter of time Social capital, GDP and well-being over time Introduction The paradox exists ! The (unanswered) question Stevenson et al. fail to distinguish between the short and Empirical strategy long-term relationship between SWB and GDP; Results The long run in the short term SWB and GDP are related, but unrelated in Data 1 First conclusion the long run. From the long to the medium-term Easterlin et al. (2008, 2010) Data 2 Second conclusion From the medium to the short-term Third conclusion Conclusion 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 9 / 37
the Easterlin paradox: a matter of time Social capital, GDP and well-being over time Introduction The paradox exists ! The (unanswered) question Stevenson et al. fail to distinguish between the short and Empirical strategy long-term relationship between SWB and GDP; Results The long run in the short term SWB and GDP are related, but unrelated in Data 1 First conclusion the long run. From the long to the medium-term Easterlin et al. (2008, 2010) Data 2 Second conclusion From the medium to the short-term Third conclusion It’s a matter of time spans! Conclusion The contrast is not methodological: they use the same bivariate methodology with the variations over time of SWB regressed on GDP variations. 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 9 / 37
The (unanswered) question Social capital, GDP and well-being over time If not GDP, what does correlate with the variations of SWB over time? Introduction The (unanswered) question Empirical strategy Results The long run Data 1 First conclusion From the long to the medium-term Data 2 Second conclusion From the medium to the short-term Third conclusion Conclusion 21st - 22nd of October 2011 Stefano Bartolini, Francesco Sarracino Social capital, GDP and well-being over time 10 / 37
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