Work and Well-Being: Introduction

Extract

Work absorbs a huge share of the lives of most people. It is the major source of income. How people fare at work, the conditions under which they work and the mechanisms for remedying problems at work impact subjective well-being, labour market behaviour, and mental and physical health. While economic analysis treats work as creating disutility, many people are workaholics for reasons beyond income, and one of the robust findings from the new economics of happiness is that unemployment is one of the major depressants of subjective well-being. The independent Strategic Review of Health Inequalities, headed by Professor Sir Michael Marmot, noted in its June 8, 2009 policy dialogue that “employment conditions influence health both directly and indirectly” and argued for structural interventions at workplaces, organisations and broader policies to make a significant contribution toward healthier work. As the world economy has fallen into a sharp recession, the increase in joblessness, potential delays of retirement due to reduced value of pensions, particularly in the private sector, and the probable intensification of work among those who remain employed can be expected to have major impacts on well-being and social behaviour. It is therefore timely to devote an issue of the National Institute Economic Review to work and well-being.