Consumer Capital as the Source of Happiness: The Missing Economic Theory Underlying the Income-Happiness Paradox

Hoorn, André van; Sent, Esther‐Mirjam

doi:10.1080/00213624.2016.1249746

Cited by 4 publications

(4 citation statements)

References 68 publications

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“…As a robust and general result, it has been found that richer people, on average, report higher subjective wellbeing. 14 The relationship between income and happiness, both in simple regressions and when a large number of other factors are controlled for in multiple regressions, proves to be statistically (normally highly) significant. In this sense, "income does buy happiness.…”

Section: Happiness and Difference In Income Between Personsmentioning

confidence: 99%

What Can Economists Learn from Happiness Research?

2001

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Section: Happiness and Difference In Income Between Personsmentioning

confidence: 99%

What Can Economists Learn from Happiness Research?

2001

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“…Fisher and Boulding suggest that "consumer capital" is the ultimate source of prosperity. The income-happiness relationship can be less relevant for economics as compared to the capital happiness relationship [141]. Social exclusion leads to less happiness, especially in the case of the people with mobility and disability issues, and consumers who purchase through online channels face more of unhappiness and less well-being [137].…”

Section: Physical Facilitiesmentioning

confidence: 99%

Can I Sustain My Happiness? A Review, Critique and Research Agenda for Economics of Happiness

Jain

Sharma

Mahendru³

2019

Sustainability

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Human beings want to live in a state of happiness and prosperity, but happiness is important not just for the well-being of individuals but for the well-being of society. To ensure the maximization of happiness, it is necessary to consider more than just money, and rather include the right understanding of happiness at the individual level, the family level, the society level, and the environmental (nature) level. This paper contributes to the existing body of knowledge by consolidating the findings of the literature; grouping those into major themes and sub-themes; describing the mechanisms based on the empirical papers by highlighting the independent, dependent, control, and moderating variables, to study the causal relationships between variables under study; proposing an agenda for future research; and informing the policymakers about decisions influencing the human happiness level through legislative rules and regulations. Our results suggest prioritizing the conceptualization of happiness while computing the happiness level at the individual or collective levels. Furthermore, the study recommends governments to establish the conditions enabling individuals to report happiness independently from the political pressure to answer strategically for impressive happiness level figures at the macro level.

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“…The influence of income on well-being is not constant but rather follows a logarithmic function [28]. This suggests that as income increases, the proportional gain in happiness decreases.…”

Section: Perspectives On Happiness Determinants In Microeconomicsmentioning

confidence: 99%

Economics of Happiness: What Really Counts?

Susanti,

Fitri

2024

KSS

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The study of happiness was initially examined psychologically, then expanded to incorporate social and, finally, economic aspects to investigate the reasons for the disparities in happiness levels across countries. Numerous scholars from various fields of expertise have developed an interest in studying happiness as a topic, as it has become a global issue. The notable work of Easterlin known as “Easterlin Paradox” postulates that happiness varies linearly with income at a point in time, both within and across nations. However, the long-term growth rates of happiness and income are not significantly linked. The economics of happiness is a multidisciplinary study of the relationship between economic conditions and subjective well-being or happiness. Happiness economics can be examined from both a microeconomic and macroeconomic perspective, providing valuable insights into both individual well-being and societal gain. The economics of happiness has received a lot of attention recently, especially in terms of understanding the differences in life satisfaction between rich and developing countries. Wealthier countries are happier as a group than poorer countries; happiness seems to increase with wealth up to a limit, but not beyond it. Public policy has a substantial impact on happiness economics by changing the well-being of individuals and society through numerous mechanisms such as fiscal policy, public spending, health impact assessment, and family assistance. The expanding national emphasis on subjective well-being accentuates the need to include happiness in governmental decisions. Keywords: happiness, subjective well-being, Easterlin Paradox

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Consumer Capital as the Source of Happiness: The Missing Economic Theory Underlying the Income-Happiness Paradox

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Cited by 4 publications

References 68 publications

What Can Economists Learn from Happiness Research?

What Can Economists Learn from Happiness Research?

Can I Sustain My Happiness? A Review, Critique and Research Agenda for Economics of Happiness

Economics of Happiness: What Really Counts?

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