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The Park Place Economist

Abstract

The perception of economics as a dismal science for killjoys is challenged with the development of happiness economics. The economics of happiness refers to the study of subjective well being compared to income, unemployment, and other economic factors. In addition, the field expands the notions of happiness and welfare past basic measures of utility simultaneously posing serious policy implications. For example, if an economic policy is not contributing to the happiness of its constituents then what is its purpose? Furthermore, are policy makers catering to the needs of individuals or larger entities like corporations? The development of the economics of happiness is important when addressing the true well-being of people relative to the economy.

This study will assess the relationship between happiness and economic factors. The project will have a microeconomic framework and focus on individual well being. Specifically, it questions if one’s standard of living has a meaningful impact on their happiness level given the scarcity of time. The study will also explore the possible non-pecuniary factors that are important in relation to happiness. It is expected that non-pecuniary factors will have significant effect on happiness levels along with economic factors.

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