Week 2: Pre-reading, Jackson. T: Chapter 3: Redefining Prosperity (R) Flashcards
What challenges are increasing economic issues today?
- environmental degradation
- climate change
- social unstability
What is suggested as necessary for a sustainable view of prosperity?
A new, coherent notion of prosperity that moves beyond consumption growth.
What was a key finding of the SDC’s Redefining Prosperity study?
There are diverse views on prosperity that go beyond economics, including insights from
- psychology
- sociology
- history
- philosophy, and religion.
What do different perspectives** agree on **regarding prosperity’s material aspects?
Prosperity includes basic material needs, like food, water, and shelter, which are essential for wellbeing.
What are the social and psychological dimensions of prosperity?
- giving and receiving love
- respect,
- community belonging
- meaningful work.
What additional human need is sometimes suggested in concepts of prosperity?
A “transcendental” need, = the search for meaning or purpose
What ethical aspect of prosperity is emphasized by wisdom traditions?
Prosperity includes moral obligations to others, suggesting that personal wellbeing is linked to the welfare of others.
How is happiness related to prosperity?
they are connected,not identical»_space;> prosperity involves more than just immediate pleasure
What does Amartya Sen’s concept of “opulence” imply about prosperity?
Opulence equates prosperity with material abundance, viewing an increase in goods as an increase in wellbeing.
What is Sen’s second concept of prosperity, “utility”?
Prosperity as utility = the satisfaction gained from goods rather than their sheer quantity.
Why is equating prosperity with material abundance seen as flawed?
satisfaction doesn’t increase indefinitely with an increase of material goods.
What is a limitation of measuring prosperity by GDP?
GDP fails to capture
- non-market services (housework)
- negative impacts (pollution)
- and changes in resource sustainability (deforestation)
What does the “life-satisfaction paradox” suggest about GDP’s role in wellbeing?
Rising GDP in advanced economies, BUT life satisfaction in advanced economies has remained stagnant
> > indicating GDP doesn’t fully measure wellbeing.
How does income relate to life satisfaction in different economies?
Life satisfaction rises significantly with GDP in poorer countries but shows limited gains in richer countries.
What are the limitations of GDP and self-report measures in capturing prosperity?
GDP: ignores social and environmental factors
Self-report measures: Not objective
