The Economics of Happiness
Abstract
The following research paper briefly includes the economics of happiness and answers the research questions about how to achieve happiness and bring prosperity in the overall economics of the nation. Some academic articles are also used for the detailed study of this research. View of economists is also stated in the body paragraphs of this report. Additionally, change theory is also discussed and a link with the happiness is made in the body paragraphs of this report.
Introduction
It is the feeling of bliss and hopefulness which is perceived by the optimistic individuals in their life. In Economics, it is the relationship between the individual satisfaction and the economic issues like wealth and other employment matters (Bruni, 2005). Happiness can be used as a synonym to well-being in economics. Happiness cannot be measured in the units; there are no units to measure the exact quantity of happiness. The determinants of happiness can be easily judged in the light of economics of happiness. The factors that relate to the happiness in economics term are described in the below mentioned paragraphs. (Bruni, 2007). Happiness is directly linked with the emotional well-being of a person. People’s judgment can be used in the route to attain happiness and their attitudes can be modified accordingly for a joyful life. (Knight & Gunatilaka, 2011)
Literature review
This theory states the factors that attempts to increase or decrease the human well-being and satisfaction of life. These factors include adaptation, money, society, social relationships and the culture (Frey & Stutzer, 2018). The primary source of this report states that the potential of adaptation in the behavior of a human being leads towards the quality of life and a good standard of life. Money can buy anything that a human wish for (Knight & Gunatilaka, 2011). To be self-sufficient in money terms is a blessing and keeps a person hopeful and pleasure (Anielski, 2009). Prosperity can be measured in money terms and the outcome can be analyzed by the economists and draw a true picture of the overall economy.
Economics of Happiness
Money can buy the basic necessities of a human being like food and shelter requirements and thus if their requirements are fulfilled properly, they will eventually be contended. (Powdthavee, 2007). Job satisfaction is another factor of happiness that brings significant difference in the level of happiness. The job security confirms a peace of mind that derives the attainment of the pleasure in life (Di Tella & MacCulloch, 2006). Relationship in a society can be standardized and as a result quality of life is maintained and upgraded. If a person is happily related to the loved ones then he should be living a perfect life without any worries (George, 2012). Culture of a place highly impact the happiness level, if a person is comfortable with his surroundings then he does his best in all the dealings of life. If there is a variation in the expected environment then this may cause to dispute or conflicting situation that arise cultural conflicts. (Stutzer & Frey,2012)
Economists’ View on Happiness
Economists in their theories encourage the human being to put efforts to become happy and prosperous. They believe that the emerging disciplines promote the well-being of a human being (Frey & Stutzer, 2018). When the work is done with efficiency and effectiveness, the doer of the work becomes happy and prosperous with it that eventually increases the morale of the worker. This confidence building leads to a practical world where each and every person looks forward to his professional development. (Anielski, 2009)
Happiness is not merely a word that is used in the normal life rather it is a need that is seek by all the persons in their life (Di Tella & MacCulloch, 2006). The sense of contentment when a thing is achieved can be expresses in different ways. The expression includes the verbal, non-verbal, gestures or by some other token of joy. This is a goal for everyone and economists are working on it to get it on a higher scale. The role of happiness cannot be denied in attaining the higher GDPs and increasing the wealth income of the country. Happiness becomes a motivation for getting success in life. (George, 2012)
Change Theory
Change is necessary to bring happiness in the society. Economics focused on the theory that describes the resistance to change. The factors that make a person resistant to change are the poor communication skills, bad timing of introducing the change, job loss and lack of trust (Di Tella & MacCulloch, 2006). Communication skills are needed to convey the feelings and if these are not properly conveyed then meaning of entire life go into waste. Introduction of change at the right time is the key to success (Anielski, 2009). The right time is said when people are willing to adopt it with open heart without any hurdles. Some old people are reluctant to change because they think that it will take their job if they switch into the new things and they will forget their prior working style. If there is a lack of trust among the people then they must be reluctant to change, so for getting positive results, there is a need to build trust among the people. (Frey & Stutzer, 2018)
Conclusion
I agree with the concept of the economists to achieve happiness by all possible ways that a person can do for himself. But the drawback is that we cannot measure happiness and cannot decide who is happier. The reasons to live a happy life can be extracted by the lifestyle of various successful personalities. Happiness is a subjective term and hence cannot be taken in a single meaning. There are factors which lead to a happy life and these factors are studied in depth in the above-mentioned paragraphs. Economists are trying to link the matter of happiness with the growing unemployment rate as they believe if a person is getting ample amount of money from his services, he remains satisfied. It is concluded that satisfaction can be directly linked to the joy and happiness in life. If the basic necessities are fulfilled then the society is happier and can fight the biggest wars with respect to this.
Reference
Knight, J., & Gunatilaka, R. (2011). Does economic growth raise happiness in China? Oxford Development Studies, 39(01), 1-24.
George, M. (2012). Happiness Economics from 35,000 Feet. Journal of Economic Surveys, (26), 4.
Bruni, L. (2005). Economics and happiness: Framing the analysis. Springer Nature.
Bruni, L. (2007). Handbook on the Economics of Happiness. Edward Elgar Publishing.
Frey, B. S., & Stutzer, A. (2018). Economics of happiness. Springer International Publishing.
Anielski, M. (2009). The economics of happiness: Building genuine wealth. New Society Publishers.
Powdthavee, N. (2007). Economics of happiness: a review of Literature and applications. SOUTHEAST ASIAN JOURNAL OF ECONOMICS, 19(1), 51-73.
Di Tella, R., & MacCulloch, R. (2006). Some uses of happiness data in economics. Journal of economic perspectives, 20(1), 25-46.
Stutzer, A., & Frey, B. S. (2012). Recent developments in the economics of happiness: A selective overview. Recent Developments in the Economics of Happiness: A Selective Overview. IZA Discussion Paper, (7078).