Social Capital and Happiness: Additional Cross-Country Evidence |
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Authors: | Rati Ram |
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Institution: | (1) Economics Department, Illinois State University, Normal, IL 61790-4200, USA |
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Abstract: | Using several different samples, model specifications, and variable proxies, this study revisits the role of social capital
in generating life satisfaction (happiness). The main outcome of the exercise is that the parameter for social capital (generalized
trust) is extremely fragile, and most estimates show little significant role of social capital in generating happiness. Six
additional points are noted. First, the role of income seems generally positive and significant. Second, there are marked
parametric differences between high-income and low-income subgroups, but it is difficult to say whether social capital or
income is more important in either group. Third, significance of income inequality and of inflation vary considerably across
the models and the samples, but their association with happiness is generally weak. Fourth, two measures of happiness (life
satisfaction) yield similar sets of estimates. Fifth, there is some indication that “transition” economies are marked by lower
happiness while Latin American countries are generally happier. Last, a reasonable test indicates absence of any significant
specification error and mitigates worries about possible endogeneities. |
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Keywords: | |
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