Bruno S. Frey

Alois Stutzer

Matthias Benz

Simon Luechinger

Stephan Meier

Christine Benesch

Revolutionary developments in economics are rare. The conservative bias of the fieldand its enshrined knowledge make it difficult to introduce new ideas not in line with receivedtheory. Happiness research, however, has the potential to change economics substantially in thefuture. Its findings, which are gradually being taken into account in standard economics, can beconsidered revolutionary in three respects: the measurement of experienced utility usingpsychologists' tools for measuring subjective well-being; new insights into how human beings valuegoods and services and social conditions that include consideration of such non-material values asautonomy and social relations; and policy consequences of these new insights that suggest differentways for government to affect individual well-being. In Happiness, emphasizing empirical evidencerather than theoretical conjectures, Bruno Frey substantiates these three revolutionary claims forhappiness research. After tracing the major developments of happiness research in economics anddemonstrating that we have gained important new insights into how income, unemployment, inflation,and income demonstration affect well-being, Frey examines such wide-ranging topics as democracy andfederalism, self-employment and volunteer work, marriage, terrorism, and watching television fromthe new perspective of happiness research. Turning to policy implications, Frey describes howgovernment can provide the conditions for people to achieve well-being, arguing that a crucial roleis played by adequate political institutions and decentralized decision making. Happinessdemonstrates the achievements of the economic happiness revolution and points the way to futureresearch.Bruno S. Frey is Professor of Economics at the University of Zurich, Visiting Professor atthe Swiss Federal Institute of Technology, and Research Director of CREMA (Center for Research inEconomics, Management, and the Arts). He is co-editor of Economics and Psychology: A Promising NewCross-Disciplinary Field (MIT Press, 2007).

A Revolution in Economics

Happiness

a revolution in economics

Emphasizing a positive approach to dealing with terrorism (the carrot), this book provides a critique of deterrence policy (the stick) which can be ineffective and even counterproductive, and proposes three alternative and effective anti-terrorist policies: Decentralization reduces vulnerability to terrorist attacks. A system with many different centers is more stable due to its diversity, enabling one part to substitute for another. Positive incentives can be offered to actual and prospective terrorists not to engage in violent acts. Incentives include: reintegrating terrorists into society, welcoming repentents and offering them valued opportunities. Diverting attention by naming several terrorist groups potentially responsible for a particular terrorist act. The government thus supplies more information than the terrorist responsible would wish.

Stick Or Carrot?

Dealing with Terrorism

This book champions the view that economics is a social science, and that, moreover, it may serve as a new paradigm for the social sciences. Economics is taken to be part of those sciences which deal with actual problems of society by providing insights, improving our understanding and suggesting solutions. I am aware that the way problems are addressed here has little in common with economics as it is generally understood today; most economists make strong efforts to imitate the exact sciences. Economics tends to become a branch of applied mathematics; the majority of all publications in professional journals and books are full of axioms, lemmas and proofs, and they are much concerned with purely formal deductions. Often, when the results are translated into verbal language, or when they are applied empirically, disappointingly little of interest remains. The book wants to show that another type of economics exists which is surprisingly little known. This type of economics has its own particular point of view. It centres on a concept of man, or a model of human behaviour, which differs from those normally used in other social sciences such as sociology, political science, law, or psychology. I do not, how ever, claim that economics is the only legitimate social science. On the vii viii PREFACE contrary, economics can provide useful insights only in collaboration with the other social sciences-an aspect which has been disregarded by mathematically oriented economics.

Towards a New Social Science Paradigm

Economics As a Science of Human Behaviour

Christoph A. Schaltegger

David Iselin

This two-volume set presents a selection of commentaries by respected economists and social scientists that reveal the weaknesses and strengths of several core economics concepts. In the volume “Economic Ideas You Should Forget”, the authors question specific hypotheses and reject major economic ideas. In the volume “21st Century Economics: Economic Ideas You Should Read and Remember”, the authors state their personal opinion on what matters most in contemporary economics.

21st Century Economics (1) and Economic Ideas You Should Forget (2)

The Scholar's Guide to Economic Ideas

Margit Osterloh

Motivated employees play a crucial role in creating a companys sustainable competitive advantage. Successful Management by Motivation shows that in a knowledge-based society, this goal cannot be achieved by extrinsic motivation alone. Pay for performance often even hurts because it crowds out intrinsic motivation. To succeed, companies have to find ways of fostering and sustaining intrinsic motivation. With the help of in-depth case studies, representative surveys, and analysis based on a large number of firms and employees, this work identifies the various aspects of motivation in companies and shows how the right combination of intrinsic and extrinsic motivation can be achieved.

Balancing Intrinsic and Extrinsic Incentives

Successful Management by Motivation

Bruno S. Frey untersucht Kunst und Kultur vom Standpunkt der Wirtschaftswissenschaften – vor allem unter zwei Aspekten: der Beziehung zwischen Kunst und Wirtschaft sowie der Anwendung ökonomischen Denkens auf den Bereich der Kunst und Kultur. Wichtige Bereiche der Kunstökonomik befassen sich mit der darstellenden und bildenden Kunst, Museen, der Kulturindustrie, dem Kulturtourismus und dem kulturellen Erbe. Mit der Anwendung ökonomischen Denkens wird eine neue Art der Interdisziplinarität eröffnet. Die Kunstökonomik ist eine spannende Anwendung der ökonomischen Denkweise. Finanzwissenschaftliche Aspekte stehen dabei im Vordergrund. Der Autor erörtert Möglichkeiten, welche Rolle der Staat in der Finanzierung der Kunst spielt und spielen kann. Der Autor: Bruno S. Frey ist Ständiger Gastprofessor an der Universität Basel und Forschungsdirektor bei CREMA – Center for Research in Economics, Management and the Arts, Zürich/Schweiz. Zuvor war er Professor an den Universitäten Konstanz, Zürich, Chicago, Warwick und Friedrichshafen und ist mit fünf Ehrendoktoraten in fünf Ländern ausgezeichnet worden.

Kompakt – verständlich – anwendungsorientiert

Ökonomik der Kunst und Kultur

Economics is a science that can contribute substantial powerful and fresh insights! This book collects essays by leading academics that evaluate the scholarly importance of contemporary economic ideas and concepts, thus providing valuable knowledge about the present state of economics and its progress. This compilation of short essays helps readers interested in economics to identify 21st century economic ideas that should be read and remembered. The authors state their personal opinion on what matters most in contemporary economics and reveal its fascinating and creative sides.

Economic Ideas You Should Read and Remember

21st Century Economics

Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.

Economic Ideas You Should Forget

This book focuses on what makes people happy. The author explains methods for measuring subjective life satisfaction and well-being by discussing economic and sociodemographic factors, as well as the psychological, cultural and political dimensions of personal happiness. Does higher income increase happiness? Are people in rich countries, such as the United States, the United Kingdom and Scandinavian countries, happier than those living elsewhere? Does losing one’s job make one unhappy? What is the role of genetic endowments inherited from our parents? How important are physical and emotional health to subjective life satisfaction? Do older people tend to be happier, or younger people? Are close social relationships necessary for happiness? Do political conditions, such as respect for human rights, democracy and autonomy, play a part? How can governments contribute to the population’s happiness? This book answers these questions on the basis of extensive interdisciplinary research reflecting the current state of knowledge. The book will appeal to anyone interested in learning more about the various dimensions of personal well-being beyond the happiness-prosperity connection, as well as to policymakers looking for guidance on how to improve happiness in societies.

Economics of Happiness

Jana Gallus

Honours fulfil one of the most fundamental desires of human beings, namely, to be recognised and held in esteem by others. There are thousands of awards in all areas of society: the state, arts and media, sports, religion, the voluntary sector, academia, and business. Awards are well visible, can raise the recipients' intrinsic motivation and creativity, and establish a bond of loyalty to the giver. They have distinct advantages over money and other rewards. Presenting empirical evidence using modern statistical techniques Honours versus Money argues that awards can significantly raise performance in different contexts even if they are purely symbolic, recommending how this can be used in practice. It makes the case for reorienting our focus- away from the monetary or material dimensions of work and private life, and towards the symbolic dimensions to celebrate and shine a light on merit and achievement. Honours versus Money discusses award bestowals in their different forms and facets, including as signals and as components of organisations' human resource strategies. It opens our perspective for motivational strategies beyond money, while also outlining their potential pitfalls.

The Economics of Awards

Honours versus Money

Honours fulfil one of the most fundamental desires of human beings, namely, to be recognised and held in esteem by others. Awards are well visible, can raise the recipients' intrinsic motivation and creativity, and establish a bond of loyalty to the giver. They have distinct advantages over money and other rewards. Presenting empirical evidence using modern statistical techniques Honours versus Money argues that awards cansignificantly raise performance in different contexts even if they are purely symbolic, recommending how this can be used in practice. It makes the case for reorienting our focus- away from the monetary or materialdimensions of work and private life, and towards the symbolic dimensions to celebrate and shine a light on merit and achievement. It opens our perspective for motivational strategies beyond money, while also outlining their potential pitfalls.

Honours Versus Money

Using the economic perspective, this exciting text offers an alternative view to sociological or art historic approaches to art. The issues discussed include: institutions from festivals to "superstar" museums, different means of supporting the arts, an investigation into art as an investment, and the various approaches applied when valuing our cultural properties. This text challenges widely held popular views and, once started, is difficult to put down.

Analysis & Cultural Policy

Arts & Economics

Dieses essential beschäftigt sich mit der Frage, was uns Menschen glücklich macht. Bruno S. Frey erläutert Messmethoden, wirtschaftliche Faktoren, soziodemografische Einflüsse sowie politische Dimensionen des Glücks. Steigert ein höheres Einkommen die Zufriedenheit? Wird, wer die Arbeit verliert, unglücklich? Wie wichtig ist die physische und psychische Gesundheit für die Lebenszufriedenheit? Sind alte oder junge Menschen glücklicher? Braucht es intensive soziale Beziehungen, um glücklich zu werden? Welche Rolle spielen die politischen Bedingungen, wie die Beachtung der Menschenrechte, Demokratie und Autonomie? Und was kann die Regierung zum Glück ihrer Einwohner beitragen? Diese Fragen werden auf der Grundlage umfassender wissenschaftlicher Untersuchungen auf dem Stand des heutigen Wissens beantwortet.

Wirtschaftswissenschaftliche Glücksforschung

Claudia Frey Marti

Die Glücksforschung ist mittlerweilen nicht mehr «nur» unter Philosophen, Psychologen und Neurobiologen ein Thema. Auch Ökonomen beschäftigen sich heute mit der Frage, was uns Menschen wirklich glücklich macht, und erweitern mit ihren Forschungsarbeiten die Standardökonomie auf revolutionäre Weise. Gerade in der heutigen krisengeschüttelten Zeit sind ihre Analysen sowie Folgerungen für Meinungsmacher und Entscheidungsträger aus Wirtschaft, Politik, Verwaltung sowie für den interessierten Laien von grossem Interesse.Bruno S. Frey forscht zu Themen, mit denen sich die Wirtschaftswissenschaftler selten beschäftigen: Politik, Familie, Kunst und Glück. Er kommt dabei nicht selten zu verblüffenden Ergebnissen und tiefen Einblicken in die menschliche Konstitution. Gemäss dem «Handelsblatt Ökonomen-Ranking VWL 2008» nimmt Bruno S. Frey den ersten Rang ein, er ist mit seinem Lebenswerk der forschungsstärkste Volkswirt im deutschsprachigen Raum. In einer repräsentativen Umfrage bezeichnet sich gut die Hälfte der befragten Schweizerinnen und Schweizer als glücklich und mehr als ein Drittel sogar als sehr glücklich. Befragte in Deutschland oder den USA geben ein vergleichsweise tieferes Glücks- beziehungsweise Lebenszufriedenheitsniveau an. Wovon hängt aber unser Glück beziehungsweise unsere Lebenszufriedenheit ab? Dieses Buch zeigt, wie der renommierte Ökonom Bruno S. Frey die Einflussfaktoren des Glücks erfasst und unter welchen Bedingungen Menschen (noch) glücklicher werden können. Ausgehend von umfangreichen Erhebungen, die in verschiedenen Ländern und für verschiedene Zeitperioden bei Hunderttausenden von Personen durchgeführt worden sind, werden die Zusammenhänge zwischen verschiedenen wirtschaftlichen und ausserwirtschaftlichen Lebensbereichen und der Lebenszufriedenheit empirisch geschätzt. Welchen Einfluss auf unsere Lebenszufriedenheit haben beispielsweise das Einkommen, Arbeitslosigkeit, Demokratie und Föderalismus, Heirat oder der Fernsehkonsum? Dabei stellt sich auch die Frage der Kausalität: Macht Heirat glücklich? Oder neigen glückliche Leute eher zum Heiraten? – Macht Arbeitslosigkeit unglücklich? Oder werden unglückliche Leute eher arbeitslos? Gemäss dem «Handelsblatt Ökonomen-Ranking VWL 2008» nimmt Bruno S. Frey den ersten Rang ein, er ist mit seinem Lebenswerk der forschungsstärkste Volkswirt im deutschsprachigen Raum.

Bruno S. Frey

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