The impact of an economic boom on the level and distribution of well-being : Ireland, 1994-2001

The impact of increased affluence on life satisfaction is a
matter of some controversy. This paper examines the impact of the recent
economic boom in Ireland upon the level and distribution of various
domains of well-being. There is evidence of a substantial increase in life
satisfaction in the domain of finance and of an improvement in mental wellbeing.
There is a reduction in inequality and polarisation for virtually all
domains of life satisfaction. A social welfare function which is increasing
and concave in individual well-being would show an improvement in social
welfare over the period.