In a society marked by extreme inequality of income and opportunity, why should economists care about how people feel? The truth is that feelings of well-being are critical metrics that predict future life outcomes. In this timely and innovative account, economist Carol Graham argues for the importance of hope鈥攍ittle studied in economics at present鈥攁s an independent dimension of well-being. Given America鈥檚 current mental health crisis, thrown into stark relief by COVID, hope may be the most important measure of well-being, and researchers are tracking trends in hope as a key factor in understanding the rising numbers of 鈥渄eaths of despair鈥� and premature mortality.
Graham, an authority on the study of well-being, points to empirical evidence demonstrating that hope can improve people鈥檚 life outcomes and that despair can destroy them. These findings, she argues, merit deeper exploration. Graham discusses the potential of novel well-being metrics as tracking indicators of despair, reports on new surveys of hope among low-income adolescents, and considers the implications of the results for the futures of these young adults.
Graham asks how and why the wealthiest country in the world has such despair. What are we missing? She argues that public policy problems鈥攆rom joblessness and labor force dropout to the lack of affordable health care and inadequate public education鈥攃an鈥檛 be solved without hope. Drawing on research in well-being and other disciplines, Graham describes strategies for restoring hope in populations where it has been lost. The need to address despair, and to restore hope, is critical to America鈥檚 future.
"Graham uses empirical evidence to demonstrate why hope is a good metric for measuring economic and social well-being. . . . Drawing on research in the disciplines of economics, sociology, and psychology, Graham addresses the critical problem of despair and proposes ideas on how to restore hope in America. . . . Of great interest to scholars and general readers alike."鈥�Library Journal
"Carol Graham’s ‘The Power of Hope’. . . is as enjoyable a serious read as I can remember."鈥擯arviz Dabir-Alai, International Journal of Happiness and Development
"The Power of Hope is a fascinating, eclectic mix of detailed research and statistics, a passionate plea for economics to consider human well-being metrics and vignettes of hopeful visions for the future of the USA, or indeed any Western society."鈥擫eisa Aitken, Economic Record
"This is a thought-provoking book that does a fine job of conveying to readers the salience of taking steps to restore hope where there is none present.… I recommend [The Power of Hope] to all readers who would like to learn more about why addressing despair and restoring hope is critical to America's future."鈥�聽Regional Science Policy & Practice
鈥淧eople who have hope also have a better future. Thanks to Carol Graham, we now have empirical evidence that hopefulness and not just objective circumstances matter, often in surprising ways. Read this book to learn more not just about the power of hope but about an entire body of work to which she has so ably and persistently contributed.鈥濃�擨sabel Sawhill, author of Forgotten Americans
鈥淚n this study of hope and despair, Carol Graham once again applies her economist鈥檚 empirical perspective to people鈥檚 internal feelings, a hitherto verboten subject in economics. A truly pathbreaking volume!鈥濃�擱ichard A. Easterlin, University of Southern California
鈥淚f you care about improving people鈥檚 lives, this is the book for you. Hope is crucial for starting that journey. Graham explains what all of us鈥攁nd governments and businesses鈥攎ust do to reach the goal of better well-being for all.鈥濃�擥us O鈥橠onnell, former Cabinet Secretary, United Kingdom
鈥淭his fine book fills a yawning gap. Hope, as it shows, is vital for well-being and for effective living. So who is hopeful and why? Read the book.鈥濃�擱ichard Layard, author of Happiness: Lessons from a New Science
鈥淚n this remarkable book, Carol Graham, a distinguished researcher in the field of human well-being, takes us in a strikingly new direction. Her evidence unveils the vital role that hope plays in our lives.鈥濃�擜ndrew Oswald, University of Warwick
鈥淗ere is a thoughtful, evidence-based, thoroughly readable treatise on the nature of hope. Graham ties high 鈥榙eaths of despair鈥� among white, low-income Americans to their lack of hope and personal agency; for them America鈥檚 Horatio Alger myth of individually driven progress is a heavy burden. The contrast with less well-off but more hopeful Black Americans is striking. Survey results in Peru, St. Louis, and elsewhere show the policy logic of periodically taking a society鈥檚 temperature.鈥濃�擭ancy Birdsall, founding president of the Center for Global Development
