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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.[1]

Background

There is a recent trend in economics which relates happiness to economic performance and vice-versa.[2] Some studies suggest that happiness is already an economic indicator or at least can be approximately measured.[3], [4] 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.[5]

See also

External links

Bibliography

References and notes

  1. A New Measure of Well-Being From a Happy Little Kingdom. (html) NYT. URL accessed on 2007-01-08.
  2. Happiness, Economy and Institutions - Bruno S. Frey and Alois Stutzer - Institute for Empirical Research in Economics - University of Zurich
  3. The True Measure of Success - Wired.com
  4. "Happiness" is not enough- Samuel Brittan: Templeton Lecture Inst. of Economic Affairs 22/11/01
  5. A bigger economy doesn't always buy happiness - latimes.com

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