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Concept
Happiness economics
Summary
The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health. It typically treats subjective happiness-related measures, as well as more objective quality of life indices, rather than wealth, income or profit, as something to be maximized.
The field has grown substantially since the late 20th century, for example by the development of methods, surveys and indices to measure happiness and related concepts, as well as quality of life. Happiness findings have been described as a challenge to the theory and practice of economics. Nevertheless, furthering gross national happiness, as well as a specified Index to measure it, has been adopted explicitly in the Constitution of Bhutan in 2008, to guide its economic governance.
The subject may be categorized in various ways, depending on specificity, intersection, and cross-classification. For example, within the Journal of Economic Literature classification codes, it has been categorized under:
Welfare economics at JEL: D63 – Equity, Justice, Inequality, and Other Normative Criteria and Measurement
Health, education, and welfare at JEL: I31 – General Welfare; Basic needs; Living standards; Quality of life; Happiness
Demographic economics at JEL:J18 – Public policy.
Given its very nature, reported happiness is subjective. It is difficult to compare one person's happiness with another's. It can be especially difficult to compare happiness across cultures. However, many happiness economists believe they have solved this comparison problem. Cross-sections of large data samples across nations and time demonstrate consistent patterns in the determinants of happiness.
Happiness is typically measured using subjective measures – e.g. self-reported surveys – and/or objective measures.
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