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The Hidden Wealth of Nations
Book

The Hidden Wealth of Nations

David Halpern
Polity Press, 2009

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Editorial Rating

7

Qualities

  • Innovative
  • Applicable

Recommendation

Trust, happiness and other forms of human capital constitute the “hidden wealth of nations.” This reciprocal, relationship-based “economy of regard” is a reservoir of unseen assets that parallels the transaction-based economy. Insights from behavioral economics and survey-based measurements of citizens’ satisfaction can help governments perform more effectively. British psychologist David Halpern’s verbose, disjointed writing style may obscure some of his insights on increasing society’s well-being, but his comments are fresh and interesting. While always politically neutral, getAbstract recommends his treatise to those interested in public service and inventive approaches to democratic governance.

Take-Aways

  • Every nation has “hidden wealth” in its citizens’ character, well-being and relationships.
  • One element of hidden wealth is “social trust,” or the willingness to trust strangers, which can foster economic growth, among other benefits.
  • Happiness is part of hidden wealth and is measurable. Surveys have gauged happiness and satisfaction in the United States since the 1940s and in Europe since the 1970s.

About the Author

British psychologist and civil servant David Halpern runs Behavioural Insights Limited, a company – initially launched as part of the UK government – that applies behavioral economic theory to improve public policy and make government more efficient.

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