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Latest Results from World Wellbeing Panel Survey

In December 2021, members of the World Wellbeing Panel were asked for their views on two statements relating to the recently formulated concept of WELLBYs. As defined by the UK Treasury: “A WELLBY equates to a one-point change in life satisfaction on a 0-10 scale, per person per year.”1 It is related to the concept of Happiness Adjusted Life Years (HALYs)2, also called Happy Life Years, or Happy life-expectancy, for which time series exist.3 

The two statements were as follows:

(i) "The WELLBY cost-benefit methodology will soon become a standard tool for policy development and evaluations in the state bureaucracy of most OECD countries"; and

(ii) "The WELLBY cost-benefit methodology as it is now adopted by the UK and New Zealand bureaucracy will give a greater weight to mental health, social relations, and the environment in cost-benefit calculations than the classic economic methods it replaces."

16 of the World Wellbeing Panelists responded.

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Global Issue of Mental Health

The cost of mental health conditions (and related consequences) is projected to rise to $6 trillion globally by 2030, from $2.5 trillion in 2010, according to a study published by the World Economic Forum and the Harvard School of Public Health. That would make the cost of poor mental health greater than that of cancer, diabetes, and respiratory ailments combined. Now, as people around the world contend with stress and social restrictions related to COVID-19, mental health has become a particular area of concern for policy-makers and health professionals.

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When we see a politician smirk, we all know exactly what it means. At least we think we do, explains Dr Elisabeth Blagrove from the University of Warwick’s Department of Psychology.

Sun 20 Feb 2022, 14:10

How neuroscience can help with financial misconduct

Sat 19 Feb 2022, 21:08

Why central banks need to understand behavioural finance

Sat 19 Feb 2022, 21:03

Prof. Arun Advani discusses how Official statistics underestimate wealth inequality in Britain

Fri 07 Jan 2022, 11:32

Study links too much free time to lower sense of wellbeing

Sun 12 Dec 2021, 11:01

Why laughter can make you more productive at work

Sun 12 Dec 2021, 10:48

Increase happiness and Productivity: “The driving force seems to be that happier workers use the time they have more effectively, increasing the pace at which they can work without sacrificing quality." Daniel Sgroi

Sun 12 Dec 2021, 10:47

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Sun 12 Dec 2021, 10:42

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