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The Economics of Happiness

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  • Nikolova, Milena
  • Graham, Carol

Abstract

Welfare and well-being have traditionally been gauged by using income and employment statistics, life expectancy, and other objective measures. The Economics of Happiness, which is based on people’s reports of how their lives are going, provides a complementary yet radically different approach to studying human well-being. Typically, subjective well-being measures include positive and negative feelings (e.g., momentary experiences of happiness or stress), life evaluations (e.g., life satisfaction), and feelings of having a life purpose. Both businesses and policymakers now increasingly make decisions and craft policies based on such measures. This chapter provides an overview of the Happiness Economics approach and outlines the promises and pitfalls of subjective well-being measures.

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  • Nikolova, Milena & Graham, Carol, 2020. "The Economics of Happiness," GLO Discussion Paper Series 640, Global Labor Organization (GLO).
  • Handle: RePEc:zbw:glodps:640
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    2. Tofallis, Chris, 2020. "Which formula for national happiness?," Socio-Economic Planning Sciences, Elsevier, vol. 70(C).
    3. Chu, Shuai & Zeng, Xiangquan & Zimmermann, Klaus F., 2020. "Parental Gender Stereotypes and Student Wellbeing in China," Discussion Papers 307569, University of Bonn, Center for Development Research (ZEF).
    4. Marina G. Kolosnitsyna & Natalia A. Khorkina & Khongor N. Dorzhiev, 2014. "What Happens To Happiness When People Get Older? Socio-Economic Determinants Of Life Satisfaction In Later Life," HSE Working papers WP BRP 68/EC/2014, National Research University Higher School of Economics.
    5. Cosimato, Silvia & Faggini, Marisa & Prete, Marzia del, 2021. "The co-creation of value for pursuing a sustainable happiness: The analysis of an Italian prison community," Socio-Economic Planning Sciences, Elsevier, vol. 75(C).
    6. Awaworyi Churchill, Sefa & Smyth, Russell & Farrell, Lisa, 2020. "Fuel poverty and subjective wellbeing," Energy Economics, Elsevier, vol. 86(C).
    7. Pełka Marcin, 2019. "Analysis of Happiness in EU Countries Using the Multi-Model Classification based on Models of Symbolic Data," Econometrics. Advances in Applied Data Analysis, Sciendo, vol. 23(3), pages 15-25, September.

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