As we all know, GDP is the most common metric to measure the growth of an economy. However, goods and services alone can’t bring happiness. Various dimensions of human life like culture, safety, psychological wellness contribute to their well being. GDP in this context turns out to be ineffective.
So how do we know a nation enjoys not only material wealth but also overall well-being.
Happiness Economics is one such theory that helps us solve this problem.
In this post, we have explored the concept of Happiness Economics. We have also illustrated its implementation by taking the example of Bhutan.
We hope you enjoy reading this post.
Credits- Purvi Jain and Divyata Dulhani