Abstract

In The Market Experience, Robert Lane restates the central criticism of economic views of human satisfaction?namely, that they define welfare as utility and, in practice if not in theory, use money as the measure of utility, while in reality utility (or welfare) ought to be defined as happiness. In exploring the implications of this noneconomic definition for our assessment of markets, Lane summarizes the evidence about how people assess their own happiness more successfully than he clarifies the meaning of that word. Since increases in income above a certain minimum do not increase happiness, work must be made more meaningful.