Happiness economics

Question 1

Indicators of wealth

Answer 1

GDP
GDP per capita
Social expanditure
Taxation level
Poverty levels
Average salary

Question 1

What are non-economic indicators to measure development?

Answer 1

Global competitiveness index
Human Development Index
Happy Planet Index
Legatum Prosperity Index

Question 2

What is Gross National Happiness Index?

Answer 2

Measuring country’s achievements with a help of non-economic indicators

Question 3

What are 4 pillars of Gross National Hapiness index?

Answer 3

good governance,
sustainable socio-economic development,
cultural preservation,
environmental conservation;

Question 4

Happiness has three dimensions that can be cultivated:

Answer 4

the Pleasant Life (good food and drinks, socialization, material things)
the Good Life (balanced focus on: work, play, love)
the Meaningful Life (fulfillment)

Question 5

What is Inequality factor?

Answer 5

When level of income is sufficient to satisfy basic needs, additional money does not bring satisfaction (joy). We start comparing ourselves with others

Question 6

Definition of Happiness economics

Answer 6

The theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, life satisfaction and related concepts

Question 7

relative income hypothesis

Answer 7

Relative income hypothesis states that the satisfaction (or utility) an individual derives from a
given consumption level depends on its relative magnitude in the society (e.g., relative to the
average consumption) rather than its absolute level(individuals care about status).

Question 8

What are the components of Social progres index?

Answer 8

Basic Human needs (nutition, air, water, shelter and medical care)
Foundations of wellbeing (basic knowledge, communication, technology, health and welness, sustainability)
Opportunity (rights, freedom and choice, access to higher education)