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Fundamentals of Happiness

An Economic Perspective

Lall Ramrattan and Michael Szenberg

Examining the fundamental thinking underpinning the foundation for economic studies of happiness, this book explores the theories of key economists and philosophers from the Greek philosophers to more modern schools of thought. Lall Ramrattan and Michael Szenberg explore the general measures of happiness, utility as a method, metrical measures of happiness, happiness in literature and the scope of happiness in this concise book.
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Index

Lall Ramrattan and Michael Szenberg

accumulation 30, 824, 8990, 93, 100103, 1056, 10810, 113, 11721, 123, 155
Afriat, S. 135
anger 20, 234, 82, 113, 142, 150
Aquinas, St Thomas 17, 64, 6970
Archimedean 129, 131
Aristippus (of Cyrene) 19
Aristotle 12, 1618, 20, 25, 2732, 60, 64, 70, 88
Arrow, Kenneth
Arrow–Debreu model 17, 45, 111, 115
Arrow–Pratt measure of risk-aversion 6
impossibility theorem 38, 158, 1728, 18081, 184
welfare function 1735, 181
The Art of Happiness (Dalai Lama and Cutler) 1011
Augustine, St 17, 6870
Aumann, Robert 9
Aurelius, Marcus 22
Backhouse, Roger E. 11921
Barro, Robert 112, 149
beings 10, 12, 14, 616
benevolence 14, 25, 88
Bentham, Jeremy 4, 8, 17, 315, 37, 42, 52, 73, 75, 123, 1267, 144, 1523, 155, 160, 16970
Bergson welfare function 2, 15860, 16970, 173, 181
Bernoulli, Daniel 6, 1257, 139
bias 13941, 143
Blinder, Alan 148
Bliss, C. 120
Bohm-Bawerk, Eugene von 19, 77, 160
Borda, J.C. 154, 181
Buddha 180
Buddhism 61
Buddhist 1011
Cagan, Phillip 111
Cambridge
Controversy 11314, 154
equation 119
model 11920
Cantril, Hadley 16, 124, 142
capitalism 36, 389, 446, 73, 81, 90, 1023, 107, 109, 15960
capitalist investment function 1045
Christian 1, 10, 56, 5862, 88
command economies 45
commend system 82
communism 445, 81, 83, 107, 109
Cynics 16, 1820, 25
Cyrenaics 12, 1819
Dasein 656
Davidson, Paul 111
de Condorcet, Marquis 1545, 174, 181
Deaton, Angus 16, 1245, 14850
delight 14, 20, 40, 54, 71
demand theory 137
Democritus 2021, 24, 26, 101
deRosset, L. 478
Descartes, René 64, 67
Diogenes 1921, 25
distributive justice 36
Dobb, Maurice 7, 75, 119, 154, 162, 164, 169
Duesenberry, James 34, 145
dynamic standard commodity (SC) 96
Easterlin, Richard 16, 124, 1458
Economic and Monetary Union (EMU) 7
Edgeworth, Francis 7, 75, 153, 160, 163, 166, 168
effective demand 83, 100101
Eichengreen, Barry 114
endowment effect 142
Engels, Frederic 21, 7981, 84, 87, 102
Epictetus 22, 25, 53, 88
Epicurean 12, 16, 18, 2021
Epicurus 18, 2021, 25, 33, 60, 102
equilibrium 5, 7, 17, 20, 45, 789, 84, 889, 934, 96, 102, 107, 11112, 115, 121, 138, 148, 160, 162, 1689, 171
Erasmus of Rotterdam 1
expected money value (EMV) 6
extended reproduction 106
faith 55, 5761, 65, 7071
feudalism 45, 102
Fine, Kit 46, 489
Fisher, Irving 19, 75, 106, 1645
Fitch, Frederick 50
Fitch, Gregory W. 40
Frank, Robert 3
free trade 7, 46, 87, 161
Frege, Gottlob 67
Freud, Sigmund 9, 60, 73
Friedman, Milton 3, 30, 378, 78, 148
Friedman, Rose 38
Fundamental Marxian Theorem (FMT) 1069
Galbraith, Kenneth 12, 115
Gallup poll 16, 124, 131, 142, 148
generalized axiom of revealed preference (GARP) 1357
Gettier, Edmund 334
Gibbard–Satterthwaite theorem 175
good society 12
Goodman, Nelson 42
Gramlich, Edward M. 11112
Great Depression 47, 10910
Great Recession 47
Greek 1, 1518, 22, 26, 29, 31, 51, 60, 62, 67
gross domestic product (GDP) 23, 115, 144
gross national product (GNP) 110, 168
grounding 469
Hall, Robert 4, 149
Hausman, Daniel 15052
Hayek, Frederick 14, 135, 159
Hedonist school 19
hedonism 1819, 34, 121, 152
Heidegger, Martin 17, 61, 637
Heraclitus 13, 267
Herstein, I.N. 12930
heuristic 1413
anchoring 1412
availability 1412
representativeness 141
Hicks, Sir John 2, 5, 91, 94, 111, 1212, 1368, 1589, 1627, 1712
Hintika, Jaakko 50
Hobbes, Thomas 177, 181
Hobhouse, L.T. 4, 1557
humanism 1, 20
humanist 1
Hume, David 13, 17, 31, 151
index number 1624, 1667
Jeffrey, Richard 423
Jevons, W. Stanley 17, 756, 789, 126
Johnson, Samuel 10
Kahneman, Daniel 16, 13944, 14850
Kaldor, Nicholas 2, 1589, 1617, 172
Kant, Immanuel 12, 37, 46, 523, 55, 64, 79, 156
Keynes, John Maynard
consumption function 34
short-run model 3, 109
Keynesian 3, 10, 38, 445, 479, 96, 101, 109, 111, 11315
Kierkegaard, Soren 559, 645
Kripke, Saul 43
Latin America 7
Layard, Richard 1445
Leibniz, Gottfried Wilhelm 14, 3940, 42
Leontief, Wassily 1078
Lewis, David 5053
Leyden approach 1824
libertarian 1, 159
libertarian school of economics 1
lifecycle hypothesis (LCH) 3
literature 10, 15, 35, 39, 423, 51, 67, 81, 91, 108, 116, 119, 1245, 133, 159, 165, 175, 180
Little, Daniel 102, 1589, 181
love 4, 11, 1314, 24, 3940, 556, 589, 62, 689, 71, 88, 157
Lucas, Robert 4, 149
Luther, Martin 1
Maine, Sir Henry 81
Malthus, Thomas 2, 93, 95, 100101, 119
marginal propensity to consume (MPC) 3, 101, 105, 110
marginal revolution 17, 75, 126
Marshall, Alfred 44, 89, 106, 121, 127, 153, 160, 170
Marx, Karl 2, 21, 60, 734, 7985, 87, 90, 1018, 110, 126
Marxian 38, 45, 106, 1089
maximum ophelimity 161
McNaughton, Robert 89, 32
Meek, Ronald 82, 9091, 102
Menger, Carl 17, 757, 126
mental conception 103
mercantilism 834
Mill, J.S. 327, 52, 123, 152, 156, 161
Milnor, John 129, 130
modal realism 49
modern monetary theory (MMT) 11416
modes of production 80, 102
Modigliani, Franco 3, 30, 110, 148
Moore, G.E. 9, 35, 167
Morgan, L.H. 8081
Morgenstern, Oskar 57, 16, 126, 1289, 182
Muller–Satterthwaite theorem 175
music 26, 534
Muth, John 4
naturalism 102
neoclassical 2, 38, 456, 77, 79, 102, 112, 160, 168, 181
New Classical 112
new paradox of happiness (NPH) 50
Nietzsche, Friedrich 18, 6064, 79, 143
Nikolsky, Boris 20, 27
Old Testament 17, 53
Pareto, Vilfredo 2, 5, 7, 15, 1589, 161, 163, 1667, 169, 172, 1756, 178
Parmenides 13
Pasinetti, Luigi 93, 96, 100, 11011, 117, 119
permanent income hypothesis (PIH) 3, 1489
philosophical 13, 15, 28, 51, 68, 150, 180
physiocrats 847, 9091
Pigou, Arthur Cecil 3, 1213, 153, 160, 17071, 179
Piketty, Thomas 114
Plantinga, Alvin 4041
Plato 1213, 1620, 258, 323, 51, 60, 64, 69, 88
political 15, 28, 61, 81, 87, 1223, 155, 169, 17980
Polk, Richard 66
post-Keynesian 46, 11014
preferences 5, 8, 16, 30, 32, 78, 128, 132, 1356, 139, 145, 151, 154, 164, 1689, 1726, 178
primitive
accumulation 823
communism 81, 83
happiness 79
society 45, 8081
principal principle (PP) 5053
production function 48, 84, 11718
prospect theory 13943
Protagoras 1718, 26, 33
psychological 3, 16, 31, 34, 63, 73, 89, 100, 105, 122, 124, 138, 1478, 182
Pythagoras 26
quality of life 3, 1314
Quesnay, Francis 847
Ramsey, Frank 910, 42, 11618
rational expectation 4, 11213, 138, 149
Rawls, John 30, 356, 170, 177
relative income hypothesis (RIH) 34, 145
Renaissance 1
revealed preference 15, 1315, 1378, 151, 167
Ricardo, David 2, 745, 79, 87, 9096, 98, 100101, 105, 122, 126
Rieu, Dong-Min 1078
rigidities (price and wage) 113
risk 6, 114, 139, 1823
Robinson, Joan 45, 11821
Robinsonian economy 74
Romer, John E. 1078
Rousseau, Jean-Jacques 16, 79, 107, 153, 156, 181
Rowthorn, Robert 113, 11516
Ruml, B. 116
Russell, Bertrand 13, 21, 25, 32, 67, 80
Salerno, Joe 4950
Samuelson, Paul 2, 4, 16, 86, 89, 91, 934, 1056, 11012, 117, 127, 129, 1315, 138, 15862, 164, 1667, 16970, 172, 181
Sargent, Tomas 112
Savage, Leonard 423, 74, 7980, 129
scarcity 77, 82
Schopenhauer, Arthur 19, 534, 64, 79, 143
Schor, Juliet 4
Scitovsky, T. 138, 158, 1637, 172
self-interest system 2
Sen, Amartya 2, 1315, 154, 172, 17681
Seneca, Lucius Annaeus 224
set theory 22
Sidwick, Henry 35, 152, 160
simple reproduction 1025
simple surplus 97, 99
Singer, M.G. 33
slave society/societies 45
Smith, Adam 17, 1921, 25, 31, 34, 36, 38, 45, 556, 734, 79, 823, 8791, 989, 102, 105, 1267, 140, 155, 171, 177, 179, 181
spectator principle 8890
water–diamond paradox 74, 127
The Wealth of Nations 31, 89, 90, 171
Socrates 8, 12, 1620, 267, 33
social
equity 2
happiness 2, 74, 82, 123, 174, 177
justice 14
relation 16, 83, 1023, 1445, 1536
reproduction 102
welfare function (SWF) 16673, 175, 178, 181
socialism 39, 45, 81, 109, 159
Solow, Robert 110, 112
Sophist 12, 1619, 26
Sraffa, Piero 85, 969
St Petersburg paradox 6, 125, 139
stagflation 47, 11112
Stalnaker, Robert 412
standard commodity (SC) 96
Steedman, Ian 1213, 1445
Stephen, Lesley 155
Stoic 16, 18, 215, 27, 39, 88, 90
strong axiom of revealed preference (SARP) 1347
subsistence 8082, 87, 93, 95, 97, 99100, 102, 107, 118
survey 16, 1245, 131, 144, 1478, 182
System 1 14041, 143
System 2 140, 143
technology 10, 64, 85, 89, 100, 103, 106, 10910, 113
Thompson, William 123
total revealed preference theory (TRPT) 135
Trever, A.A. 256
utilitarian 14, 17, 21, 313, 35, 52, 634, 121, 123, 139, 153, 178
utility 2, 48, 1317, 31, 334, 36, 42, 456, 48, 749, 11617, 121, 123, 12531, 133, 136, 1389, 1423, 1457, 1534, 158, 160, 162, 164, 16670, 173, 177, 179, 1814
cardinal 45, 31, 745, 126, 128
diminishing marginal (DMU) 48, 126
maximization 6, 76, 78, 1212, 146
ordinal 5, 31, 745, 126, 128, 131, 146
Varian, H.R. 1345, 171
Veenhoven, R. 147
von Mises, Ludwig 1
von Neumann, John 57, 16, 126, 1289, 182
Wagner, Richard 54
Walras, Leon 789, 97, 111, 180
weak axiom of revealed preference (WARP) 1323, 135, 137, 167
Weber–Fechner law 127, 139
welfare 13, 7, 14, 16, 47, 122, 138, 144, 148, 15055, 15761, 163, 16573, 175, 177, 179, 18083
Werlang, Sérgio Ribeiro da Costa 9
Wicksell, Knut 48, 77, 79, 118, 160
Wicksteed, Phillip 1212
Wilson’s theorem 175
Wittgenstein, Ludwig 13, 36, 678
Zeno 18, 212