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Happiness economics is the study of a country's well-being based not on its GDP or GNP but rather on its population's Gross National Happiness (GNH). Although its usefulness is yet to be determined, it has become a subject of interest and often a measure of comparison with the traditional forms of measuring market health.
There is a recent trend in economics which relates happiness to economic performance and vice-versa. Some studies suggest that happiness is already an economic indicator or at least can be approximately measured.,  New economic concepts could now be measured such as the Gross national happiness and the Happy Planet Index. Happy Life Years, a concept brought by Dutch sociologist Ruut Veenhoven is one of the concepts set to measure well-being combining subjective data (subjective life satisfaction, measured on a scale of 0 to 10) with objective data (life expectancy). New Economics Foundation, a British think-tank used this concept to measure the "Happy Planet Index".
On the other hand, a few researchers argue that a bigger economy doesn't always buy happiness. It is argued that happiness could be used as an economic indicator not as a replacement for more traditional measures but as a supplement.
- Richard Layard
- Behavioural finace
- Happy Planet Index
- Gross National Happiness
- Quality of life
- Andrew Oswald (1999). A Non-Technical Introduction to the Economics of Happiness. (PDF) URL accessed on 2007-01-08.
- Bruni, Luigino; Pier Luigi Porta (2005). Economics and Happiness: Framing the Analysis, pp. 384, Oxford University Press.
- Van Praag, Bernard; Ada. Ferrer-i-Carbonell (2004). Happiness Quantified: A Satisfaction Calculus Approach, pp. 352, Oxford University Press.
References and notes
- ↑ A New Measure of Well-Being From a Happy Little Kingdom. (html) NYT. URL accessed on 2007-01-08.
- ↑ Happiness, Economy and Institutions - Bruno S. Frey and Alois Stutzer - Institute for Empirical Research in Economics - University of Zurich
- ↑ The True Measure of Success - Wired.com
- ↑ "Happiness" is not enough- Samuel Brittan: Templeton Lecture Inst. of Economic Affairs 22/11/01
- ↑ A bigger economy doesn't always buy happiness - latimes.com