Uses of Happiness Data in Economics - Inaugural Lecture by Professor Robert MacCulloch

Happiness research is based on the idea that it is fruitful to study empirical measures of individual welfare. The most common is the answer to a simple well-being question such as “Are you Happy?”.

Abstract: Happiness research is based on the idea that it is fruitful to study empirical measures of individual welfare. The most common is the answer to a simple well-being question such as “Are you Happy?”.  Hundreds of thousands of individuals have been asked this question, in many countries and over many years. Researchers have begun to use these data to tackle a variety of important questions in economics. They range from microeconomic questions, such as the way income and utility are connected, to macroeconomic questions such as the trade-off between inflation and unemployment, including large areas in political economy. Public policy is another area where progress using happiness data is taking place. Given the central role of utility notions in economic theory, I argue that the use of happiness data in empirical research should be given serious consideration.

Biography: Professor Robert MacCulloch  received his first degree in Mathematics from the University of Auckland in New Zealand. Upon graduating, he worked for the Reserve Bank of New Zealand implementing their inflation targeting regime and then travelled to Oxford University where he completed his DPhil in Economics. After positions at London School of Economics and Princeton University, he joined the Business School at Imperial College, where he is Director of the Doctoral Programme.

Professor MacCulloch's main research interest is political economy. In particular, he studies the determinants of terrorism and civil conflict, corruption and the role of economic and political forces in shaping welfare state institutions. He has also studied happiness and the way it is affected by inequality and macroeconomic fluctuations.

A pre lecture tea reception will be served from 16.45 in the Lower Ground Foyer, Tanaka Business School.