The Economics of Happiness

Milena Nikolova, Carol Graham

Research output: Chapter in Book/Report/Conference proceedingChapterAcademicpeer-review

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.
Original languageEnglish
Title of host publicationHandbook of Labor, Human Resources and Population Economics
EditorsKlaus F. Zimmermann
Place of PublicationCham
PublisherSpringer International Publishing
Number of pages33
ISBN (Electronic)978-3-319-57365-6
DOIs
Publication statusPublished - 8-Dec-2020

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