NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Entrepreneurship, Happiness and Supernormal Returns: Evidence from Britain and the US

David Blanchflower, Andrew Oswald

NBER Working Paper No. 4228
Issued in December 1992
NBER Program(s):   LS

Do entrepreneurs earn supernormal returns, or does competitive pressure ensure that entrepreneurs receive the same utility level as workers? If those who run their own businesses get supernormal returns (or 'rents') they should be happier than those who work as employees. The paper tests this hypothesis. It uses survey data from Britain and the USA to show that, in comparison with those in regular forms of employment, the self-employed report significantly higher levels of utility as proxied by overall satisfaction data.

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Document Object Identifier (DOI): 10.3386/w4228

 
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