Back to the pursuit of happiness for another day!
Yesterday we went through a digestible introduction to the academia behind happiness; more specifically, some of the empirical studies available on it since the 50's.
Today we look at happiness from the only way every closed-minded commerce graduate will know how - economically.
If we can increase GDP, we increase income per capita, which in turn, increases happiness...right?
Well according to the Easterlin Paradox, it doesn't. Easterlin's studies found that once basic needs are met, the the marginal increases in happiness seem to work like the law of diminishing returns, even dipping in some cases.
Is it time that governments invest as many resources into Gross National Happiness as they do in Gross Domestic Product? Yes, GNH is actually a thing.
I'd hate to see the Net National Happiness if I stop posting. Aw shucks, guys.
Today's quota is one that holds a special place in my heart.
I've decided to post one of John Maynard Keynes' lesser known essays from 1930 - yep, right on the cusp of the Great Depression.
Now his name might strike the same giddy chord in economics students as Ross Gittins. He is one of the fathers of modern economics and his concepts single-handedly drive economic policy.
This essay places enormous hope in humanity to solve the great economic problem (limited resources for unlimited wants) via improvements in capital and technology. He foresaw an age where humanity will use this growth to lessen their workload and pursue leisure.
Instead, nearly one hundred years later (his predicted timing), we have many people overworked and many people unemployed. A silly situation.
In the final paragraphs he lists four criteria for achieving this economic utopia. Notice that humanity has failed miserably in all four.
This is a very enjoyable one, guys.
You'd be surprised at how light a read can come from philosophers and economists.
READ IT HERE (pdf)
Yesterday we went through a digestible introduction to the academia behind happiness; more specifically, some of the empirical studies available on it since the 50's.
Today we look at happiness from the only way every closed-minded commerce graduate will know how - economically.
If we can increase GDP, we increase income per capita, which in turn, increases happiness...right?
Well according to the Easterlin Paradox, it doesn't. Easterlin's studies found that once basic needs are met, the the marginal increases in happiness seem to work like the law of diminishing returns, even dipping in some cases.
Is it time that governments invest as many resources into Gross National Happiness as they do in Gross Domestic Product? Yes, GNH is actually a thing.
I'd hate to see the Net National Happiness if I stop posting. Aw shucks, guys.
Today's quota is one that holds a special place in my heart.
I've decided to post one of John Maynard Keynes' lesser known essays from 1930 - yep, right on the cusp of the Great Depression.
Now his name might strike the same giddy chord in economics students as Ross Gittins. He is one of the fathers of modern economics and his concepts single-handedly drive economic policy.
This essay places enormous hope in humanity to solve the great economic problem (limited resources for unlimited wants) via improvements in capital and technology. He foresaw an age where humanity will use this growth to lessen their workload and pursue leisure.
Instead, nearly one hundred years later (his predicted timing), we have many people overworked and many people unemployed. A silly situation.
In the final paragraphs he lists four criteria for achieving this economic utopia. Notice that humanity has failed miserably in all four.
This is a very enjoyable one, guys.
You'd be surprised at how light a read can come from philosophers and economists.
READ IT HERE (pdf)
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