After reading the effects of low pay and unemployment on psychological well-being<\/em>, I learned that unemployment actually has a major impact on a persons well-being. Literature suggests that many people derive purpose from work and not just income. This was shown to be true in the results. If we look at the regressions ran; the unemployment variable always had a strong, statistically significant, effect on a persons well-being. I found this to be fascinating and I will be sure to remember this the next time I meet a jobless person.<\/p>\n

However, looking at an October 7, 2018 post by NB, omitted variable bias may still exist. I do not know the motivation behind the data used. I believe the authors did a great job trying to cover all the bases: married, age, age^2, children, ect. However, for physiological well\u00a0 being there is not a one size fits all solution so I believe we need to be cautious of these results.<\/p>\n

I would also be very interested to see how these results change on an update. I know the economy has evolved and many more people opt out of a full time job and choose to drive for Uber instead.<\/p>\n

Lastly, I think it is important to note that survey results may not tell the whole story. People can lie on the forms or only certain people will actually participate in the survey. Both of which cause bias.<\/p>\n

 <\/p>\n

Citations<\/strong><\/p>\n

Theodossiou, Ioannis. “The effects of low-pay and unemployment on psychological well-being: a logistic regression approach.”\u00a0Journal of health economics<\/i>\u00a017.1 (1998): 85-104.<\/p>\n

NB, “Omitted Variable Bias Simpson\u2019s Paradox.”\u00a0Nick Beatis Blog\u00a0<\/em>October 7th 2018<\/p>\n","protected":false},"excerpt":{"rendered":"

After reading the effects of low pay and unemployment on psychological well-being, I learned that unemployment actually has a major impact on a persons well-being. Literature suggests that many people derive purpose from work and not just income. This was shown to be true in the results. If we look at the regressions ran; the … <\/p>\n

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