Happynomics: The Economics of Eudaimonia

Abstract

The word happiness, “is commonly used to designate something intricate and ambiguous, one of those ideas which humanity has intentionally left vague, so that each individual might interpret it in his own way” The very purpose of life is the expansion of happiness. Happiness is the goal of every other goal. Everything we fear in the world and want to change can be transformed through happiness. By looking through the lens of our contemporary understanding of consciousness, we have created a set of principles for living with ease and happiness is the one among those. Research on happiness has become a highly debated research topic over last couple of years. Academic journal, magazines and self help books are now loaded with tips and methods to attain happiness and to make it permanent in one’s life. Since the search of happiness is atvery nascent stage and more progress has to be made. Different studies were conducted to find out the factors essential for happiness. Well know economists have started to ask themselves and their profession: ‘Would you be Happier if you were Richer?’( Kahnemann et al. 2006).The present article is an attempts to understand the place of economics plays in the pursuit of  Happiness. Yet the study of happiness is normally considered as the area of study of psychologists and philosophers rather than economists. Economics is the study of individual and individual happiness. Money and happiness are intimately connected, or so most people believe. Although money doesn’t guarantee happiness, being in a wealthy country certainly increases our odds of having a good life.