Originally published in 1976, this classic work helped to establish
the legitimacy of understanding economic behaviour in psychological
terms. Its central theme was that, despite the economic abundance
that Americans enjoyed in the mid-twentieth century, they were at
heart dissatisfied with much of their lives. Mainstream economics
could not account for this kind of reaction and Scitovsky sought to
explain it in theories that combined economics with psychology.
Scitovsky has revised the last chapter and added a new chapter
dealing with some contemporary aspects. In addition, Robert Frank,
author of Choosing the Right Pond (OUP, 1985) has written a
foreword.
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