Economics – References

Extended list of references

For additional Resources click here

IPPR Commission on Economic Justice (2018) Prosperity & Justice: A Plan for the New Economy. IPPR.

Economics and wellbeing

Richard Thaler’s Nobel Prize citation – having looked at that, I guess we also have to point you to:
Richard Thaler & Cass Sunstein (2009) Nudge: Improving Decisions About Health, Wealth and Happiness. Penguin.

John Kay (2004) The Truth About Markets: Why Some Nations are Rich But Most Remain Poor. Penguin.

Guy Standing (2019) The Plunder of the Commons: A Manifesto for Sharing Public Wealth. Pelican. – an excellent analysis of how the drive to individualism has undermined the common wealth, sadly combined with a manifesto of blue-sky ideas for new taxes with no thought of how to get there from here.

Neoliberal economists like to trace their views back to to Adam Smith’s The Wealth of Nations (1776) and its ‘invisible hand’ (p.456), preferring not to note that Smith coined the term in his earlier Theory of Moral Sentiments, where it is clear that he sees that hand as operating in the light of a moral code that values the good of others, not at all the ‘Greed is good’ mantra prevalent since the 1980s. For more discussion in this point, see Mark Carney’s Reith Lectures 2020, links on the Resources page.

“They are led by an invisible hand to share out life’s necessities in just about the same way that they would have been shared out if the earth been divided into equal portions among all its inhabitants. And so without intending it, without knowing it, they advance the interests of the society, and provide means for the survival of the species.” Adam Smith (1759) The Theory of Moral Sentiments, p.264

Ross Gittins (2010) The Happy Economist: Happiness for the Hard-headed. Allen & Unwin.

Robert MacCulloch (2018) How political systems and social welfare policies affect wellbeing: A literature review. In Ed Diener, Shigehiro Oishi, & Louis Tay (Eds.), Handbook of wellbeing. DEF Publishers.

Wealth and wellbeing

Elizabeth Dunn, Lara Aknin & Michael Norton (2008) Spending money on others promotes happiness. Science, 319, 1687-1688.

Jeffrey Froh, Robert Emmons, Noel Card, Giacomo Bono & Jennifer Wilson (2010) Gratitude and the reduced costs of materialism in adolescents. Journal of Happiness Studies, 12,289-302.

Richard Wilkinson & Kate Pickett (2009) The Spirit Level: Why Equality is Better for Everyone. Allen Lane / Penguin.

Joseph Stiglitz (2013) The Price of Inequality. Penguin.

Michael Marmot (2016) The Health Gap: The Challenge of an Unequal World. Bloomsbury.

Shigehiro Oishi & Ed Diener (2014) Can and should happiness be a policy goal? Policy Insights from the Behavioral and Brain Sciences, 1, 195-203.

Martine Durand (2018) Countries’ experiences with well-being and happiness metrics. OECD

Karma Ura, Sabina Alkire & Tshoki Zangmo (2008) A Short Guide to Gross National Happiness Index. The Centre for Bhutan Studies.

Shigehiro Oishi, Selin Kesebir, & Ed Diener (2011) Income inequality and happiness. Psychological Science, 22, 1095- 1100.

Shigehiro Oishi,  Ulrich Schimmack & Ed Diener (2012) Progressive taxation and the subjective well-being of nations. Psychological science, 23(1), 86-92.

What can be done to promote change?

Robert Kennedy quote:

Joseph Stiglitz, Amartya Sen & Jean-Paul Fitoussi (2010) Mis-measuring Our Lives: Why GDP Doesn’t Add Up. The New Press.

Joseph Stiglitz, Jean-Paul Fitoussi & Martine Durand (2019) Measuring What Counts: The Global Movement for Well-Being. The New Press.

Martine Durand (2018) Countries’ experiences with well-being and happiness metrics. OECD

OECD statistics website:

UK All Party Parliamentary Group on Wellbeing Economics:

Institute for New Economic Thinking:

Network of Wellbeing Economy Governments:

Nicola Sturgeon (2019) Why governments should prioritise wellbeing. TED talk.

New Zealand Government (2019) New Zealand Budget Policy Statement.

Abhijit Banerjee & Esther Duflo (2013) Poor Economics: Rethinking Poverty and the Ways to End it. Random House.

Hetan Shah & Nic Marks (2004) A wellbeing manifesto for a flourishing society. New Economics Foundation.

Paying for change

Abhijit Banerjee & Esther Duflo. (2019) Good Economics for Hard Times: Better Answers to Our Biggest Problems. Perseus Books.

Fintan O’Toole (2020)

Melvin Lerner (1980) The Belief in a Just World: A Fundamental Delusion. Springer.

John Helliwell, Richard Layard & Jeffrey Sachs (2019) World Happiness Report 2019. Sustainable Development Solutions Network.

How do we get there?

Joseph Stiglitz (2019) People, Power, and Profits: Progressive Capitalism for an Age of Discontent. W.W. Norton (p.141)

IPPR Commission on Economic Justice (2018) Prosperity & Justice: A Plan for the New Economy. IPPR.

IPPR (2019) Just Tax: Reforming the Taxation of Income from Wealth and Work. IPPR.

New Economics Foundation (2019) Change the Rules: New Rules for the Economy.

Good practice and hope

Employee-owned businesses

John Lewis Partnership (2019) Employee Ownership: How to Get Started

The Guardian (2019) Richer Sounds founder hands over control of hi-fi and TV firm to staff: Chain joins John Lewis in employee ownership as staff get £1,000 for each year they have worked.


International Cooperative Alliance:

Ethical banking and social investment

Reliance Bank: author interview with the bank’s COO;

Triodos Bank NV:;

Bendigo Bank:

Grameen Bank:;

Taking action

Most websites that offer advice on ethical investing are part of the site of a broker or someone else who is trying to sell you their services for financial advice or fund management: some of the better ones have actually spotted that this is more likely to work if they’ve given their advice in an ethical and unbiased way: this is just one example picked at random from a search:
AJ Bell YouInvest: Responsible Investing

Abhijit Banerjee & Esther Duflo (2019) Good Economics for Hard Times: Better Answers to Our Biggest Problems. Perseus Books.

John Kay & Mervyn King (2020) Radical Uncertainty: Decision-making for an unknowable future. Bridge Street Press.