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Happiness Economics, Eudaimonia and Positive Psychology: From Happiness Economics to Flourishing Economics

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  • Ricardo Crespo
  • Belén Mesurado

Abstract

A remarkable current development, happiness economics focuses on the relevance of people’s happiness in economic analyses. As this theory has been criticised for relying on an incomplete notion of happiness, this paper intends to support it with richer philosophical and psychological foundations. Specifically, it suggests that happiness economics should be based on Aristotle’s philosophical eudaimonia concept and on a modified version of ‘positive psychology’ that stresses human beings’ relational nature. First, this analysis describes happiness economics and its shortcomings. Next, it introduces Aristotle’s eudaimonia and takes a look at positive psychology with this lens, elaborating on the need to develop a new approach that goes beyond the economics of happiness: the economics of flourishing. Finally, the paper specifies some possible socio-economic objectives of a eudaimonic economics of happiness. Copyright Springer Science+Business Media Dordrecht 2015

Suggested Citation

  • Ricardo Crespo & Belén Mesurado, 2015. "Happiness Economics, Eudaimonia and Positive Psychology: From Happiness Economics to Flourishing Economics," Journal of Happiness Studies, Springer, vol. 16(4), pages 931-946, August.
    • Handle: RePEc:spr:jhappi:v:16:y:2015:i:4:p:931-946
    DOI: 10.1007/s10902-014-9541-4
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    References listed on IDEAS

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    Cited by:

    1. Bo Qian & Mengmeng Huang & Mengyi Xu & Yuxiang Hong, 2022. "Internet Use and Quality of Life: The Multiple Mediating Effects of Risk Perception and Internet Addiction," IJERPH, MDPI, vol. 19(3), pages 1-14, February.
    2. Bret Crane, 2022. "Eudaimonia in Crisis: How Ethical Purpose Finding Transforms Crisis," Humanistic Management Journal, Springer, vol. 7(3), pages 391-416, December.
    3. Vipul Bhatt & Masao Ogaki & Yuichi Yaguchi, 2017. "Introducing Virtue Ethics into Normative Economics for Models with Endogenous Preferences," RCER Working Papers 600, University of Rochester - Center for Economic Research (RCER).
    4. Harald Strotmann & Jürgen Volkert, 2018. "Multidimensional Poverty Index and Happiness," Journal of Happiness Studies, Springer, vol. 19(1), pages 167-189, January.
    5. Maurizio Pugno, 2021. "The economics of eudaimonia," Chapters, in: Luigino Bruni & Alessandra Smerilli & Dalila De Rosa (ed.), A Modern Guide to the Economics of Happiness, chapter 4, pages 46-66, Edward Elgar Publishing.
    6. De, Prabal K. & Thamarapani, Dhanushka, 2022. "Impacts of negative shocks on wellbeing and aspirations – Evidence from an earthquake," World Development, Elsevier, vol. 154(C).
    7. Antonino Callea & Dalila De Rosa & Giovanni Ferri & Francesca Lipari & Marco Costanzi, 2022. "Can Emotional Intelligence promote Individual Wellbeing and protect from perceptions' traps?," CERBE Working Papers wpC39, CERBE Center for Relationship Banking and Economics.
    8. Zhenjun Zhu & Zhigang Li & Hongsheng Chen & Ye Liu & Jun Zeng, 2019. "Subjective well-being in China: how much does commuting matter?," Transportation, Springer, vol. 46(4), pages 1505-1524, August.

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    More about this item

    Keywords

    Happiness economics; Flourishing; Positive psychology; A12; B59; I30;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General

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