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IN SEARCH OF “GOOD LIFE”: CHANGING ECONOMY AND STANDARD OF LIVING

A report submitted in the partial fulfilment of the course GS F232 Introductory Psychology

Prof in charge
Dr Rajneesh Choubisa

Date
April 3, 2013

Submitted by:
Apurva Gupta2011C7PS876P
Anshula Sharma2011B5A3749P
ABSTRACT
The aim of this project is to study comparatively to what extent workers (agricultural and industrial) in India are dependent for maintaining their standard of living, with respect to changes in macroeconomic parameters. In this study, we have focused on two groups—agricultural labourers and industrial labourers and the macroeconomic indicators are broadly classified into two categories—changes in food prices and changes in fuel prices (which contain fuel, power, lubricants and light). Inferences and results were drawn out by running regressions on statistical data from 1975 onwards. The degree of correlation was useful in determining the dependency and testing the hypothesis.

Keywords: cost of living, macroeconomic indicators, industrial labourer, agricultural labourer

CONTENTS

1. Acknowledgement
2. Introduction
3. Research Methods
4.1 Hypothesis
4. Analysis
5.2 For industrial workers
5.3 For Agricultural Labourers
5.4 Comparison between Industrial and Agricultural labourers 5. Conclusion
6. References

1. ACKNOWLEDGEMENT

We take this opportunity to express our profound gratitude and deep regards to our guide, Dr. Rajneesh Choubisa for his exemplary guidance, monitoring and encouragement throughout this project.  We also take this opportunity to express a deep sense of gratitude to our Instructor-in-charge Prof .Tanu Shukla, for her cordial support, valuable information and guidance, which helped us in completing this project through various stages.

2. INTRODUCTION
Thinkers have discussed the “good life” and the desirable society for Millennia .In the last decades, scientists offered several alternative approaches to defining and measuring quality of life: social indicators such as health and levels of crime, subjective well-being measures (assessing people’s evaluative reactions to their lives and societies), and economic indices. These alternative indicators assess three psychological approaches to well-being that are based, respectively, on normative ideals, subjective experiences, and the ability to select goods and services that one desires. It is argued that social indicators and subjective well-being measures are necessary to evaluate a society, and add substantially to the regnant economic indicators that are now favoured by policy makers. There are three major approaches to determining the quality of life (Brock, 1993). * The first approach describes characteristics of the good life that are dictated by normative ideals based on a religious, philosophical, or other system. These approaches to quality of life depend neither on the subjective experience of people nor on the fulfillment of their wishes. * The second definition of quality of life is in terms of the experience of individuals. If a person experiences her life as good and desirable, it is assumed to be so. In this approach, factors such as feelings of joy, pleasure, contentment, and life satisfaction are paramount. * The third approach to defining the good life is based on the satisfaction of preferences. Within the constraints of the resources they possess, the assumption is that people will select those things that will most enhance their quality of life and improve their standard of living. Thus, in this tradition the definition of the quality of life of a society is based on whether the citizens can obtain the things they desire. These three approaches to defining quality of life have often competed in economic and psychological thought. Policy makers currently weight choice utility most heavily, however, because of the pre eminence they grant to economic...
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