Adapting to Good and Bad Fortune

Carol Graham

in Happiness Around the World

Published in print December 2009 | ISBN: 9780199549054
Published online April 2015 | e-ISBN: 9780191808586 | DOI:
Adapting to Good and Bad Fortune

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This chapter examines the effects of friendship, political freedom, crime, and corruption on happiness. It considers the implications of different institutional arrangements, such as political regimes and social networks, for happiness. In particular, it explores how individuals adapt to both good and bad equilibriums, via changes in norms and expectations, and the consequences of adaptation for both individual and collective welfare. It also discusses the correlation between social capital and human well-being and how political participation affects happiness.

Keywords: friendship; political freedom; crime; corruption; happiness; social networks; equilibriums; welfare; social capital; human well-being

Chapter.  7010 words.  Illustrated.

Subjects: Microeconomics

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