Overview
The economics of happiness is a fascinating field that examines how various economic factors influence individual well-being and life satisfaction. It highlights the importance of not just material wealth but also social relationships and community engagement in contributing to happiness. Understand...
Key Terms
Example: Surveys often measure subjective well-being by asking people how satisfied they are with their lives.
Example: Higher utility is often associated with higher levels of happiness.
Example: Communities with high social capital tend to have happier residents.
Example: After a certain income level, additional money has less impact on happiness.
Example: Countries often use a well-being index to gauge the quality of life of their citizens.
Example: People may report high life satisfaction even during tough times if they have strong support systems.