"Hope is a little-studied concept in economics, but it's a fundamental aspect of the economy. We know that hope is largely a positive trait that helps individuals manage life's challenges, and its role is particularly important in how we think about the disadvantaged. Distinct from aspirations, which are tied to a specific goal, hope is a deeper sentiment that drives behavior. But there are many unanswered questions. Is hope genetically determined and, as such, a lasting trait that is resistant to negative shocks? Or is it more malleable? Can we restore hope in populations where it has been lost? Can the lessons from optimistic and resilient populations be generalized to other populations? Can interventions enhance hope? Economist Carol Graham seeks to expand on the established parameters of study and uses a mix of econometric analysis and in-depth field surveys, from both Latin American and the United States, to broaden our knowledge of hope. Drawing from other disciplines, such as biology and psychology, this book aims to demonstrate the potential benefits of incorporating hope into economic analysis, and especially into the analysis of human well-being. While this is relatively unknown territory, the book will bring to light empirical evidence that demonstrates that hope can improve people's life outcomes, that despair can destroy them, and that the effects of hope are strong enough to merit a deeper exploration. In the midst of a long-standing crisis of deaths of despair particularly afflicting the US and the shorter-term effects of the pandemic, a better and more serious social-scientific understanding of the power of hope could be critical to improving public health"--
Why hope matters as a metric of economic and social well-being
In a society marked by extreme inequality of income and opportunity, why should economists care about how people feel? The truth is that feelings of well-being are critical metrics that predict future life outcomes. In this timely and innovative account, economist Carol Graham argues for the importance of hope—little studied in economics at present—as an independent dimension of well-being. Given America’s current mental health crisis, thrown into stark relief by COVID, hope may be the most important measure of well-being, and researchers are tracking trends in hope as a key factor in understanding the rising numbers of “deaths of despair” and premature mortality.
Graham, an authority on the study of well-being, points to empirical evidence demonstrating that hope can improve people’s life outcomes and that despair can destroy them. These findings, she argues, merit deeper exploration. Graham discusses the potential of novel well-being metrics as tracking indicators of despair, reports on new surveys of hope among low-income adolescents, and considers the implications of the results for the futures of these young adults.
Graham asks how and why the wealthiest country in the world has such despair. What are we missing? She argues that public policy problems—from joblessness and labor force dropout to the lack of affordable health care and inadequate public education—can’t be solved without hope. Drawing on research in well-being and other disciplines, Graham describes strategies for restoring hope in populations where it has been lost. The need to address despair, and to restore hope, is critical to America’s future.
