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Welfare And Happiness: Influence Of Income And Social Capital In European Countries

Author

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  • Díaz Vázquez, Rosario
  • Portela Maseda, Marta
  • Neira Gómez, Isabel

Abstract

The research on happiness has raised the need to take into account other factors than income if the objectives are to maximize social welfare and to improve the quality of life. Our work has two aims. First, we study the link between happiness and other related concepts as utility and quality of life. This allows us to compare three criteria that have been proposed as a guide for public policy –maximizing utility, maximizing happiness and improving quality of life– and determine the role of income and other factors in each of them. Secondly, we carry out an empirical analysis of the relationship between subjective well-being, income per capita and social capital. To this end, we make a descriptive analysis of data and estimate an econometric model for a sample of European countries, using aggregate data.

Suggested Citation

  • Díaz Vázquez, Rosario & Portela Maseda, Marta & Neira Gómez, Isabel, 2011. "Welfare And Happiness: Influence Of Income And Social Capital In European Countries," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 20(ex).
  • Handle: RePEc:sdo:regaec:v:20:y:2011:i:ex_9
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    Keywords

    Well-being; Welfare; Happiness; Social capital.;

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