For that reason, in their report for the Commission on the Measurement of Economic Performance and Social Progress (CMEPSP), Stiglitz, Sen and Fitoussi recommended a shift away from measures of economic production towards measures of economic well-being. 3 This is easier said than done technically. One approach is to take a set of metrics that are likely to shape an individual’s well-being and combine them – for example, income and wealth, health and education, leisure and work activities, political voice and governance, social connections and relationships, the environment and insecurity. Another is to ask people about the level of their well-being directly, so-called measures of Subjective Well-Being (SWB). Although that approach may sound simpler, it is not without measurement problems. Survey responses are influenced importantly by factors such as context and framing, which hinders comparability across time and countries. Despite being a fledgling science, several organisations and statistical agencies have started to construct indices of societal well-being. Here in the UK, the Office for National Statistics (ONS) now publishes measures of National Well-being in their annual “Life in the UK” report. According to the latest data, more than three-quarters of the UK population are satisfied with their lot. I confess to being a touch surprised by this statistic. It is certainly considerably higher than my own informal sample of rail commuters’ faces each day into and out of London. Internationally, the UN has recently published its second World Happiness Report (United Nations (2014)). The UK ranks a respectable 22nd out of 156 countries.

This might sound fluffier than a GDP-equivalent measure. Yet even the hardest-nosed economist would recognise the existence of those private benefits. Why else would anyone volunteer in the first place! Volunteering is a prime example of revealed preference theory in practice. Surveys of individuals overwhelmingly support this conjecture. The 2006/07 Helping Out survey of volunteers found a range of benefits including enjoyment, satisfaction and achievement, meeting people and making friends, broadening life experience, boosting confidence, reducing stress, improving physical health and learning new skills (Figure 11). The balance of benefits differs across individuals. For example, younger people are most likely to highlight the importance of acquiring new skills and enhancing employment prospects, while older volunteers see the benefits from increased social interaction and improved health. But enjoyment and satisfaction rank high across all volunteer types. This survey evidence is consistent with PBE’s experience. Our economist volunteers are often young. PBE offers the chance to apply existing skills to different sets of problem in very different environments. I think without exception, PBE volunteers have found projects enjoyable and satisfying – and, especially among government economists, liberating too. Digging a little deeper, these self-reported benefits appear to fall roughly into three categories: enhanced well-being, health benefits and increased skills and employability. It is worth considering the evidence on each in turn. (a)  Enhanced well-being  There are various ways of assessing the impact of volunteering on individual well-being. These include “stated preference” surveys, where people are asked directly about how factors affect their well-being.