The Power of Hope

"Hope is a little-studied concept in economics, but it's a fundamental aspect of the economy. We know that hope is largely a positive trait that helps individuals manage life's challenges, and its role is particularly important in how we think about the disadvantaged. Distinct from aspirations, which are tied to a specific goal, hope is a deeper sentiment that drives behavior. But there are many unanswered questions. Is hope genetically determined and, as such, a lasting trait that is resistant to negative shocks? Or is it more malleable? Can we restore hope in populations where it has been lost? Can the lessons from optimistic and resilient populations be generalized to other populations? Can interventions enhance hope? Economist Carol Graham seeks to expand on the established parameters of study and uses a mix of econometric analysis and in-depth field surveys, from both Latin American and the United States, to broaden our knowledge of hope. Drawing from other disciplines, such as biology and psychology, this book aims to demonstrate the potential benefits of incorporating hope into economic analysis, and especially into the analysis of human well-being. While this is relatively unknown territory, the book will bring to light empirical evidence that demonstrates that hope can improve people's life outcomes, that despair can destroy them, and that the effects of hope are strong enough to merit a deeper exploration. In the midst of a long-standing crisis of deaths of despair particularly afflicting the US and the shorter-term effects of the pandemic, a better and more serious social-scientific understanding of the power of hope could be critical to improving public health"--