Education’s role in the economy: towards a new perspective

The economics of happiness is a developing field of inquiry that is arousing more and more interest among public policy-makers. This article discusses some of the educational implications that stem from this new field of inquiry. The article argues that the economics of happiness shows that the present educational focus on enhancing productivity is insufficient in and of itself and that greater emphasis should be placed on how education can help to transform wealth into happiness. It also maintains, however, that it would be inadvisable to directly derive the role that education should play in the economy from the findings of the economics of happiness. The current educational aim of enhancing productivity, it is concluded, must be complemented by an educational emphasis on informing, guiding and even shaping people’s economic preferences.