Carol Graham

  • Current position:
    Leo Pasvolsky Senior Fellow, Global Economy and Development Program, The Brookings Institution; College Park Professor, School of Public Policy, University of Maryland, USA
  • Positions/functions as policy advisor:
    Special Advisor to the Deputy Managing Director, International Monetary Fund, Fall, 2001; Special Advisor to the Executive Vice President, Inter-American Development Bank, 1997–1998
  • Research interest:
    Poverty, inequality, public health, novel measures of well-being
  • Website:
  • Affiliations:
    The Brookings Institution and University of Maryland, USA, and IZA, Germany
  • Past positions:
    Professor, School of Public Policy, University of Maryland; Visiting Professor, Department of Economics, Johns Hopkins University, USA
  • Qualifications:
    DPhil Concentration: Economic Development/Political Economy/Latin America, Oxford University, 1989
  • Personal statement about IZA World of Labor:
    I hope that research based on the intersection of economics and well-being research can shed some insights into important questions about labor market flexibility, the fiscal sustainability of pension systems, and public welfare more generally. It is an exciting new area of research which has direct relevance to policy in countries around the world
  • Selected publications:
    • Happiness around the World: The Paradox of Happy Peasants and Miserable Millionaires. Oxford: Oxford University Press, 2009.
    • The Pursuit of Happiness: An Economy of Well-Being. Washington, DC: The Brookings Institution Press, 2011.
    • “Does more money make you happier? Why so much debate?” Applied Research in Quality of Life 6:3 (2011).
    • “Adaptation amidst prosperity and adversity: Insights from happiness studies from around the world.” World Bank Research Observer 26:1 (2011).
    • “Happiness and health: Lessons and questions for public policy.” Health Affairs 27:1 (2008).
  • Articles

Late-life work and well-being

Flexible retirement may be one solution to the challenges of unemployment, aging populations, and public pension burdens

November 2014

10.15185/izawol.107 107

by Carol Graham Graham, C

Flexible work time and retirement options are a potential solution for the challenges of unemployment, aging populations, and unsustainable pensions systems around the world. Voluntary part-time workers in Europe and the US are happier, experience less stress and anger, and are more satisfied with their jobs than other employees. Late-life workers, meanwhile, have higher levels of well-being than retirees. The feasibility of a policy that is based on more flexible work arrangements will vary across economies and sectors, but the ongoing debate about these multi-tiered challenges should at least consider such arrangements.