Theoretical foundations, practice, and empirical approaches to assessing the economy of happiness

  • Received April 22, 2019;
    Accepted May 30, 2019;
    Published September 29, 2020
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  • Article Info
    Volume 18 2020, Issue #2, pp. 33-42
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    1 articles

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Since the end of the twentieth century, a new, relevant, and promising trend in economic science has been actively developing – the economy of happiness that arose at the junction of psychology and economics. Understanding the essence and content of social well-being is associated with such a development of a society where the social and spiritual needs of people are met, the resources and benefits of society are used as effectively as possible and favorable conditions for a full-fledged life and comprehensive development of each person are created. If earlier the main task and priority of any national policy was considered an intensive GDP growth, now the GNH – Gross National Happiness is increasingly considered as a priority, that is, the level of satisfaction with the life of the population, as evidenced even in the resolution of the UN General Assembly. However, the methodological ap¬proaches to assessing the economy of happiness are not perfect, first of all because this area is new in economic science. The study aims to summarize and further develop the principles and approach¬es to assessing the economy of happiness. The article analyzes existing practical approaches to the economy of happiness. A test was developed to assess the level of happiness of citizens from different countries; a survey was conducted based on this test from 2017 to 2018. Methodical approaches to assessing the economy of happiness have been improved based on obtaining correlation-regression models that show the dependence of happiness level on creativity, level of health, level of prosperity, level of satisfaction of needs, which enables to define creativity as the main factor affecting the level of happiness; and, unlike the known ones, it allows regulating the level of happiness as a final economic indicator.

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