The Economics of Happiness Index: A View of India's Status and Trends

Author(s)	Praveen Kumar H L
Country	India
Abstract	As nations progress, this advancement translates into increased earnings and improved living standards. Economic theory suggests that higher income levels will lead to greater utility or satisfaction among the populace. However, it has been observed that a greater amount of money does not necessarily equate to enhanced satisfaction; in fact, individuals often prioritize a positive state of mind over higher incomes. While gross domestic product and national product serve as economic indicators of well-being, countries worldwide have begun to recognize that happiness and a harmonious society hold equal significance. This realization has resulted in the adoption of a new criterion: the happiness index, which measures how content individuals in a country feel about their lives. The United Nations supports an annual World Happiness Report that ranks member countries based on this index. This article reviews current literature to emphasize the importance of such an index and its relevance as a measure of economic progress.
Keywords	Economics of Happiness, harmonious society, India's Position, standards of living, economic development, income levels, happiness index.
Published In	Volume 4, Issue 12, December 2023
Published On	2023-12-02

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