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KMID : 1001320190460010185
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Social Welfare Policy
2019 Volume.46 No. 1 p.185 ~ p.213
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Happiness in Korea: The effects of income and asset disparities
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Jung Hae-Sik
Kim Seong-A
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Abstract
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This study aims to examine the effects of income and asset disparities on individual happiness in South Korea, where economic inequality is on the rise. For this purpose, we investigate the effects of economic level of and disparities with reference groups sharing occupational similarities. Using 2014-2017 microdata of the Survey of Social Cohesion in Korea, conducted by the Korea Institute for Health and Social Affairs, we find that current household gross income and asset and the economic level of reference groups increase individual life satisfaction and happiness. Disparities between the two, however, decrease life satisfaction and happiness in lower income classes. The results of this study provide empirical evidence for the academic and policy attention to not only the economic growth but also alleviation of national and local economic disparities and mobility for the happier lives of the people.
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KEYWORD
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Happiness, Income and Wealth, Comparison with Reference Group, Disparity, Pooled OLS
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