The present paper addresses the question of how to estimate a social welfare function defined over inflation and unemployment that can help inform the policy decisions of central banks by providing a way to measure the well-being costs arising from macroeconomic fluctuations.

A literature review of how formal institutions affect self-reported well-being.

Striking differences in economic outcomes exist within New Zealand for Māori relative to the non-Māori population. This paper analyses whether certain beliefs and values differ systematically between Māori and non-Māori, while recognising that there is not a uniform culture for either group. Many of the...

Beliefs are one component of culture. Data from the World Values Survey is available on a subset of beliefs concerning (broadly) meritocracy and poverty that appear relevant for economics. We document how they vary as well as their distribution across countries. We then correlate these...