The 2008/09 economic crisis: The impact on psychological well-being in the USA


Piovani C., Aydiner-Avsar N.

Forum for Social Economics, vol.44, no.1, pp.18-45, 2014 (Scopus) identifier

  • Publication Type: Article / Article
  • Volume: 44 Issue: 1
  • Publication Date: 2014
  • Doi Number: 10.1080/07360932.2014.964743
  • Journal Name: Forum for Social Economics
  • Journal Indexes: Scopus
  • Page Numbers: pp.18-45
  • Keywords: Global crisis, Mental health, The USA
  • Akdeniz University Affiliated: No

Abstract

© 2014 The Association for Social Economics.The 2008/09 economic crisis has been the worst crisis of capitalism since the Great Depression. The causes and implications of the so-called “Great Recession” have been widely documented, but the effects of the crisis on psychological wellbeing have only received limited attention. Using state-level data, this paper aims to assess empirically the impact of the 2008/09 crisis on several indicators of mental health in the USA. The results indicate that unemployment and income levels have a significant and detrimental impact on mental health. This implies that social protection systems—and in particular labor market programs—play a paramount role in reducing the adverse impact of the crisis on mental health.