NDLI: Market Openness, Transition Economies and Subjective Wellbeing

Content Provider	Springer Nature Link
Author	Tsai, Ming Chang
Copyright Year	2008
Abstract	This study attempts to examine the impact on subjective wellbeing (SWB) of economic openness as a social institution. The empirical testing of the liberal argument for the importance of market openness in human wellness is based on a cross-national design. Average scores of ‘feeling of happiness’ in 65 countries and ‘life satisfaction’ in 76 countries measured during the 1990s that are drawn from the World Database of Happiness overseen by Veenhoven (2006) are modeled as dependent variables. Regression analysis generates favorable results for the liberal argument in that length of being an open economy (versus closed economy) boosts the level of happiness, while transition to openness augments life satisfaction. Although the post communist countries registered less happiness in the early phase of transition towards the market economy, in general, our model specification indicates that an open market in itself was not responsible for this region’s unpleasant psychology.
Starting Page	523
Ending Page	539
Page Count	17
File Format	PDF
ISSN	13894978
Journal	Journal of Happiness Studies
Volume Number	10
Issue Number	5
e-ISSN	15737780
Language	English
Publisher	Springer Netherlands
Publisher Date	2008-07-16
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Market economy Price stabilization Wellbeing Philosophy Quality of Life Research Economics/Management Science Personality and Social Psychology
Content Type	Text
Resource Type	Article
Subject	Social Sciences

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
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