Niveau: Supérieur, Doctorat, Bac+8
1 Smith on Happiness: Toward a Gravitational Theory Laurie Bréban PHARE, Université Paris 1 Panthéon-Sorbonne* Provisional draft September 2010 Revised: November 2010 Abstract: Some commentators have tried to link Smith's analysis with fundamental results in economics of happiness. These contributions mainly focus on the influence of wealth on happiness (Ashraf, Camerer and Loewenstein, 2005; Bruni, 2006; Brewer, 2009). However, this connection is far from covering Smith's considerations about individual happiness and their possible similarities with today's analysis in economics of happiness. In the Theory of Moral Sentiments, Smith asserts that adverse events depress people's mind much more below their “ordinary state of happiness” than prosperous ones. However, close to what we call, today, “hedonic adaptations theories”, he views adverse and prosperous events as only short term shocks, so that an individual's level of happiness tends towards the one of his “ordinary state of happiness”, just as short term market prices tend towards long term natural prices. This paper aims at throwing light on the foundations of Smith's “gravitational” theory of happiness, on its consequences on an individual's preferences, and also on its implication with regard to the possibility of long-term variations of happiness. The first step leads to establish a link between the nowadays familiar idea that individuals adapt to circumstances and Smith's analysis of individual happiness.
- happiness
- natural state
- ordinary state
- state than
- prosperous events
- happiness around
- depress them
- smith
- smith's analysis
- events