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Economic Growth And Happiness

Author

Listed:
  • Teodor Sedlarski

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

Abstract

Would we be happier if we were richer? This article contributes to the discussion in the economic literature summarizing the findings in the modern research field of happiness economics. It analyzes the effects of conspicuous consumption, status comparisons, adaptation, heightened expectations and the burden of widened choice on the subjective well-being in growing economies. All of the former tend to hamper the increase of happiness of developed societies. But isn't it exactly the enhanced human happiness that is the ultimate goal of economic progress? The insights from happiness economics refocus economists' attention yet again to the discipline's fundamentals and the appropriate means for achieving its basic purpose.

Suggested Citation

  • Teodor Sedlarski, 2020. "Economic Growth And Happiness," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 18(1), pages 281-301, July.
    • Handle: RePEc:sko:yrbook:v:18:y:2020:i:1:p:281-301
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    File URL: http://www.feba.uni-sofia.bg/sko/yrbook/Yearbook18-16.pdf
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    More about this item

    Keywords

    relative income; conspicuous consumption; social status; positional goods; status competition; adaptation level theory; hedonic adaptation; hedonic treadmill; interdependent preferences.;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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