USC Dornsife Professor Emeritus challenged conventional wisdom on economic growth and well-being, leaving a lasting impact on the field of happiness economics.
Richard A. Easterlin, Professor Emeritus of Economics at the USC Dornsife College of Letters, Arts and Sciences and renowned "father of happiness economics," has died. He was 98.
Easterlin was a trailblazer who connected economics with human well-being and demographic trends, producing influential works that continue to shape economic thought and policy discussions.
"He contributed substantially to the measurement of happiness and explanations for changes in it over time," said Professor Emeritus of Economics Jeffrey Nugent. "Easterlin himself always seemed happy, with a bright smile and sense of humor, making him a delightful colleague and mentor to his students, but always pointing to the importance of the economics of happiness."
Easterlin was born Jan. 12, 1926, in Ridgefield Park, N.J. After earning a master's degree in engineering at Stevens Institute of Technology, he switched fields to economics, earning a master's degree and then a PhD at the University of Pennsylvania in 1953, where he remained as a faculty member for more than three decades. In 1978, he was appointed to the William R. Kenan Jr. Professorship in Economics at Penn.
In 1982, Easterlin joined USC, where he spent the remainder of his distinguished career. He served as a professor of economics and later as a University Professor at the USC Dornsife College of Letters, Arts and Sciences, contributing significantly to USC's academic reputation in the field of economics.
Easterlin's work revolutionized the understanding of the relationship between economic growth and human happiness. His 1974 paper "Does Economic Growth Improve the Human Lot?" introduced what became known as the Easterlin Paradox. This influential theory proposed that at a national level, happiness does not necessarily increase with income over time, challenging conventional economic wisdom.
Through another major contribution, the Easterlin Hypothesis, he explained long-term demographic trends such as baby booms and busts. This theory suggests that fertility rates are influenced by relative income rather than absolute income levels.
Throughout his career, Easterlin focused on various aspects of economic well-being and demographics, including:
Easterlin's innovative work earned him numerous accolades and honors. He was elected to the National Academy of Sciences and the American Academy of Arts and Sciences, and he was awarded the IZA Prize in Labor Economics, among the most prestigious in the field of labor economics. The American Economic Association recognized him as a Distinguished Fellow, and he served as president of both the Population Association of America and the Economic History Association.
In 1988, Easterlin was awarded a Guggenheim Fellowship, cementing his status as a leading figure in his field.
Richard Easterlin's research profoundly shaped the field of economics by highlighting the intricate relationships between economic growth, demographics and life satisfaction. His 2021 book, An Economist's Lessons on Happiness: Farewell, Dismal Science!, distilled more than five decades of research into the nature of human happiness. His seminal work offers surprising insights into the factors that contribute to well-being, illuminating a more nuanced understanding of happiness that emphasizes the importance of factors beyond economic prosperity.
Reflecting on his life's work, Easterlin once said, "My hope is the same as it was for my undergraduates -- that it may help to make people's lives better." It's a sentiment that encapsulates his desire to improve human welfare through economic research and education.
Easterlin's commitment to sharing his knowledge extended beyond his writings. In 2021, he participated in a Dornsife Dialogue, during which he discussed his research and insights on happiness economics. His advice, distilled from decades of research, was characteristically straightforward yet profound: "Focus on your family; stop comparing your status to others." This simple statement reflects the core of Easterlin's findings on what truly contributes to happiness, emphasizing the importance of relationships over material wealth.
His innovative approach to economics, combining rigorous analysis with a deep concern for human welfare, has inspired generations of economists and policymakers to consider a broader range of factors when assessing societal progress and well-being.
Easterlin is survived by his wife, USC University Professor Eileen Crimmins; children Dan, Nancy, Sue, Andy, Matt and Molly; and grandchildren Zack, Emma, Keaton, Tyler, Ryder, Owen, Ada and Enzo.
A celebration of life will be held Jan. 12 at 2 p.m. at Brookside Golf Club in Pasadena, Calif.