HE3125 ECONOMICS OF MENTAL HEALTH & WELL-BEING

Surveys in many countries conducted over decades show that, on average, people's happiness and life satisfaction have not changed much over the last fifty years, despite large increase in real income per capita for many countries. In other words, people are not getting any happier or feeling more satisfied with life even when the whole country is becoming richer than it has been in the past. What explains this missing link between economic growth and happiness? If economic growth does not lead to an increase in people's general sense of wellbeing, then what does? This module aims to provide an overview of the new science of well-being and its link with economic decisions. It will explore the idea of well-being as an alternative measure of success at the individual level, at the organisational level, and at the country level. It will investigate how well-being is typically measured, and what their main determinants usually are across different countries and time periods. It will also explore the practical implications of wellbeing in the workplace, and how we can use it in cost-benefit analysis and in policy design. Other topics to be discussed include whether money buys happiness; and if so, how much does it buy? What are the key ingredients to a happy workplace? What are the links between wellbeing and productivity? How does wellbeing linked to choices, and do people always make the right choice for themselves? What future behaviours can happiness today predict? What predicts wellbeing from birth to old age? Why should policy makers care more about enhancing people's wellbeing than simply boosting profits and economic growth? The goal is to broaden students' understanding of what factors determine individual's subjective experiences, and to learn how this knowledge can be applied in business and policy settings. Students who have special interests in behavioural economics, public policy, and innovative businesses with human well-being at the core of the firm?s strategies should take this module. People with a background in the economics of mental health and well-being have found jobs working for the government and NGOs, creating a start-up company that caters directly to improving their clients' well-being, and working in academia.