How are we going? Happy?

Having lectured the world for over a century on “utility”, economists have finally got interested in asking people how happy they are. It’s a tricky subject. The studies usually ask you to rate yourself - often from one to seven (there are seven days in the week, seven deadly sins, and now it seems, seven degrees of happiness!)

Are all “fives” really happier than “sixes”, or is their “internal scoring” just different? Who knows? But despite their inexactitude, there are consistencies in happiness studies that suggest that differences in people’s internal “happiness metres” tend to come out in the statistical wash. Those who are single rate themselves unhappier than those in partnerships. And those who don’t enjoy their jobs are less happy than those who do.

But here’s the surprise. As we’ve seen, our incomes are above average and we’re well above average if you throw in the state of our education and health. But for all our laconic confidence that “she’ll be right”, we’re only average when it comes to happiness.

Perhaps we’re just less fulsome in our assessment of our own wellbeing?

Perhaps. But one thing stands out. We rate our job satisfaction well below those in most other western countries rate theirs. That’s grist for the mill of those opposing the IR changes which will further depress our job satisfaction. Or is it? We rate below all the other English-speaking countries (other than Canada which wasn’t in the survey). And guess what? We’ve got the least deregulated labour market in that group.

Maybe the IR changes could improve job satisfaction? But that’s a topic for another day.