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Recession, Health and Happiness
 In the past 50 years individual levels of wealth have increased but so have crime, deprivation, depression and addictions to alcohol and drugs. Most of us believe that more money will make us happier; however, as societies become richer, research findings suggest that wealth does not positively impact on an individuals' happiness.
We are all aware of the fundamentals of recession such as jobs lost, homes repossessed, debt soaring. But what is the personal affect to individuals? Does money buy happiness? What steps can be taken to help those most affected, not just keep material possessions but more importantly, to keep positive and stay mentally well? The first of the ESRC's Global Financial Crisis lecture series was held 26 February 2009, focusing on how mental health and happiness are affected by an economic downturn. Speakers included Lord Professor Richard Layard; professor Mel Bartley of UCL's Department of Public Health; and Professor Andrew Oswald at the University of Warwick. The lecture was chaired by economist and journalist Evan Davis, of BBC Radio Four's Today programme and Dragons Den.
Professor Sir Richard Layard
Professor Sir Richard Layard spoke about limiting long term unemployment through a 12 month work guarantee scheme, the apprenticeship guarantee for young people and combating adverse recession-related health effects such as depression and anxiety with psychological therapy. He addressed issues such the impact of 'welfare to work' programmes, and featured evidence looking at how positive experiences can help prevent the most negative effects of unemployment.  Listen to Excerpt (MP3)
* Explanatory Note: in the excerpts, the term ‘Chicago view’ is used; this is the view of the Chicago School of economists.
Professor Mel Bartley
Another speaker, Professor Mel Bartley focused on the physical health effects of the recession. At the outset of the present recession, 16 per cent of working age men were already permanently sick, in contrast to 1980 when it was 8 per cent. Professor Bartley discussed how the effects of the recession vary widely between socio-demographic groups and considered evidence that the health effects seem to be worse for younger people. Professor Bartley's research shows that stability in work impacts positively on health and well being. Listen to excerpt (MP3)
Professor Andrew Oswald
Also speaking at the event was Professor Andrew Oswald, Professor of Economics at Warwick University, who recently reviewed the evidence on the main influences on the psychological wellbeing of individuals and nations, and discussed to what extent economic growth improves psychological wellbeing or happiness. Listen to excerpt (MP3)
Highlights from the Questions and Answers Session:
The Q&A Panel was Professors Richard Layard, Mel Bartley, Andrew Oswald, Will the recession hasten a cultural change away from the selfish society to a growth of social responsibility? Listen to excerpt (MP3) Is this a middle class recession? The panel discuss a variety of opinion around the evidence that high skilled jobs may be worst affected. Listen to excerpt (MP3) Should we pursue an increase in economic growth and increased Gross Domestic Product (GDP) or rather an increase in happiness? Listen to excerpt (MP3) - This excerpt includes comment from audience.
- In the excerpt, the phrase 'BHPS' is used; this refers to the British Household Panel Survey, a longitudinal study which has been used for research on the impact of previous recessions.
Public Lecture Series
A series of ESRC public lectures are looking at issues such as how recession affects our mental health and happiness, what the impact of recession will be on global poverty, and whether it is a threat or an opportunity for the green economy. Events include:
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