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Happiness economics is the incorporation of quality of life and life satisfaction into the practice of economics. Traditional economic models tend assume that the goals of individuals and societies are purely related to material gains. Happiness economics considers the motivation of individuals as influenced by a desire to achieve a higher quality of life including factors such as wealth, health, safety, stability, justice, social fulfillment, family, education, professional satisfaction and living in an environment of clean air, water and green space.
Happiness & BehaviorLife satisfaction and quality of life can be used to explain a wide variety of fundamental economic behaviors including purchase decisions, career choices, labor participation rates, risk taking and property values. Happiness as an Institutional GoalMetrics such as life satisfaction or happy life expectancy are potential goals for neighborhoods, cities, countries, political-economic unions and non-profit organizations.|
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Economics
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