economics of happiness

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Therefore, we need fundamental redistributive measures for the poor in order to reap the benefits of growth and development. As far as happiness is concerned, it is a very important part of development. If a country is not happy, it may grow but not develop in any real sense. Many empirical research studies point to the fact that rich economies are not necessarily happy economies.

To measure happiness, some of the main determinants must be taken into account such as individual income, social security, family structure, relationships and children, freedom and control, religious diversity, happiness and leisure, political stability, economic stability, democracy, etc. , economic development cannot ignore happiness, the nature and scope of happiness economics should be understood while dealing with welfare economics.

Happiness comes from within and it is something that cannot be explained in words in any way. It can only be felt from someone’s actual expressions. On the other hand, quality of life is the fullness of life. It is a more subjective and elusive term than the standard of living which is only the richness of life. Our lifestyles and preferences affect our overall quality of life and therefore vary from person to person.

Happiness economics is concerned with the qualitative, quantitative and theoretical analysis of happiness and quality of life and its related concepts directly or indirectly affecting well-being. It interrogates subjective measures related to happiness and objective measures of quality of life rather than simple parameters of income, wealth or profit.

Happiness economics is an approach to measuring economic well-being that combines techniques normally used by economists and psychologists. It depends on national and global well-being surveys reporting the well-being of hundreds of thousands of individuals across countries and continents.

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