Theoretical foundations, practice, and empirical approaches to assessing the economy of happiness

Abstract

Since the end of the twentieth century, a new, relevant, and promising trend in economic science has been actively developing – the economy of happiness that arose at the junction of psychology and economics. Understanding the essence and content of social well-being is associated with such a development of a society where the social and spiritual needs of people are met, the resources and benefts of society are used as effectively as possible and favorable conditions for a full-fledged life and comprehensive development of each person are created. If earlier the main task and priority of any national policy was considered an intensive GDP growth, now the GNH – Gross National Happiness is increasingly considered as a priority, that is, the level of satisfaction with the life of the population, as evidenced even in the resolution of the UN General Assembly. However, the methodological approaches to assessing the economy of happiness are not perfect, frst of all because this area is new in economic science. Te study aims to summarize and further develop the principles and approaches to assessing the economy of happiness. Te article analyzes existing practical approaches to the economy of happiness. A test was developed to assess the level of happiness of citizens from different countries; a survey was conducted based on this test from 2017 to 2018. Methodical approaches to assessing the economy of happiness have been improved based on obtaining correlation-regression models that show the dependence of happiness level on creativity, level of health, level of prosperity, level of satisfaction of needs, which enables to defne creativity as the main factor affecting the level of happiness; and, unlike the known ones, it allows regulating the level of happiness as a fnal economic indicator