The Economics Of Happiness Is An Indicator Of Economic...

For centuries, economists have deliberated on the most effective ways to promote growth, to increase employment, to boost consumption and to eliminate poverty, but where does this all lead? Surely these are all means to an end? Today, some economists may define the end as happiness. This essay will explore the potential benefits and drawbacks of using happiness as an indicator of economic success, analyze how it can be measured and examine the current theories on whether happiness can cause economic growth, or vice versa. Whilst economic growth first and foremost implies an increase in GDP per capita, increasing happiness can be attributed to many different determinants such as health, education, stability and inequality. Therefore, the economics of happiness is a multi-layered and rather subjective area that divides economists when asked whether happiness can cause economic growth. To begin with, Stevenson and Wolfers (2008) propose that as countries grow richer, their citizens report higher levels of satisfaction. This is achieved not only through higher income per capita levels, but through the expected byproducts of an improving economy such as increases in levels of education, access to healthcare, opportunities for employment and equality. Non-income determinants can be weighted against GDP levels to assess whether economic growth does impact happiness. For example, using the Corruptions Perceptions Index it was found that Sub-Saharan Africa, one of the poorestShow MoreRelatedEvaluation Of The Alternative Of Economic Progress1397 Words   |  6 PagesMeasuring of Economic Progress Measuring the success of a country in modern society is very important as it influences future decisions made to improve economy. The main indicator used to measure a country’s success is the Gross Domestic Product (GDP). 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