• 01 May 2004

    Seminar Series 1 Lecture 4 - Prof Lord Richard Layard


    Professor Lord Richard Layard, Founder, Centre for Economic Performance, London School of Economics: ‘Happiness’ 

    Key ideas:

    • Happiness is objective and measurable.
    • Health improves happiness, and vice versa. Happiness is a good different to all others - it is the good.
    • For populations above the poverty line, increasing income does not increase happiness.
    • In general, people place more value on relative wealth / income than absolute.
    • Individualism negatively affects happiness.
    • Better concepts of the common good (compassion to others) and of the private good (compassion to oneself) are required.
    • Public policy should be based on producing the greatest happiness.

    Lecture transcript

    Lecture summary

    Listen to the seminar