Economics of happiness

Happiness economics is the theoretical and quantitative study of happiness. This field of the science includes:

  ü positive and negative affects,

  ü well-being,

  ü quality of life,

  ü life satisfaction,

  ü related concepts which are typically combining economics with other fields (psychology, sociology etc.).

Reported happiness is subjective. So, it is difficult to compare one person’s happiness with another's. Also, it can be especially difficult to compare happiness across cultures. 

However, many happiness economists believe they have solved this comparison problem. Cross-sections of large data samples across nations and time demonstrate consistent patterns in the determinants of happiness.

Happiness is typically measured using subjective measures - e.g. surveys - and/or objective measures. One concern has always been the accuracy and reliability of people’s responses to happiness surveys.

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