Happiness economics

Richer countries tend to be happier than poorer countries (observations are lined up around an upward-sloping trend), and richer people within countries tend to be happier than poorer people in the same countries (arrows are consistently pointing northeast).
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The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being,[1] life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health. It typically treats subjective happiness-related measures, as well as more objective quality of life indices, rather than wealth, income or profit, as something to be maximized.

The field has grown substantially since the late 20th century, for example by the development of methods, surveys and indices to measure happiness and related concepts,[2] as well as quality of life. Happiness findings have been described as a challenge to the theory and practice of economics.[3] Nevertheless, furthering gross national happiness, as well as a specified Index to measure it, has been adopted explicitly in the Constitution of Bhutan in 2008, to guide its economic governance.

  1. ^ "Making personal happiness and wellbeing a goal of public policy". London School of Economics. Archived from the original on 4 April 2018. Retrieved 4 April 2018.
  2. ^ • Carol Graham, 2008. "happiness, economics of," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Prepublication copy.
      • _____, 2005. "The Economics of Happiness: Insights on Globalization from a Novel Approach," World Economics, 6(3), pp. 41–58 (indicated there as adapted from previous source).
      • David G. Blanchflower, 2008. "Happiness Economics," NBER Reporter Online, (2), pp. 7–10. Abstract-linked-footnotes version.
  3. ^ Richard Layard, 2006. "Happiness and Public Policy: A Challenge to the Profession," Economic Journal, 116 (510), Conference Papers, pp. C24–C33.