The Power of Hope

The Power of Hope by Carol Graham explores why economists should care about how people feel in a society marked by extreme inequality of income and opportunity. Feelings of well-being are critical metrics that predict future life outcomes. Graham, an economist, argues for the importance of hope—little studied in economics at present—as an independent dimension of well-being.

The book highlights how, given America's current mental health crisis, made more evident by COVID, hope may be the most important measure of well-being. Researchers are tracking trends in hope as a key factor in understanding the rising numbers of "deaths of despair" and premature mortality.

Graham, an authority on the study of well-being, provides empirical evidence demonstrating that hope can improve people's life outcomes, whereas despair can destroy them. These findings merit deeper exploration. She discusses the potential of novel well-being metrics as indicators of despair, reports on new surveys of hope among low-income adolescents, and considers the implications of the results for their futures as young adults.

Graham questions why the wealthiest country in the world experiences such despair, exploring what is being overlooked. She asserts that public policy problems—such as joblessness, labour force dropout, lack of affordable health care, and inadequate public education—cannot be solved without hope. Drawing on research in well-being and other disciplines, Graham describes strategies for restoring hope in populations where it has been lost. Addressing despair and restoring hope is critical to America's future.