Happiness & Economic Growth

Last Updated: 02 Jul 2020
Essay type: Process
Pages: 5 Views: 98

Undoubtedly, changes in the economy affect the society, however we should think whether the economic growth brings benefit in terms of wealth and well-being. Economy is an integral part of society, because it defines actions that give rise to the production, distribution, exchange and consumption of goods and services. I would like to focus on the national economy in terms of economy in the I-J. Economists to measure economy growth and well-being individual members are looking at the level of GAP per head, which is a measure of national income per person in a particular country.

The I-J is housed in first thirty most economically developed countries of the world, which is high level of income on a global scale, a large proportion is engaged in the creation and sale of services, than in the production of goods or agricultural production. Also we can characterize the I-J as an open economy, because there exists a trade in goods and services with the other countries, which helps in bringing goods from abroad, for which there is no possibility of manufacturing in I-J because of climatic conditions or is it technically impossible.

In addition to description of economic growth is worth considering of libations, a process leading to greater integration of countries creating so-called 'one world'. In the context of globalization can be seen that I-J is open to increasing economic activity across international borders which describes a little 'protection' of domestic industry, such as taxes against foreign goods and services or openness to foreign immigrant workers. (Brimley, Clarke, Wind-chill, Taylor, 2009). Economic growth affects the production and consumption, in both instances tends to increase the amount of pollution.

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I would like to highlight the trade-off between environmental protection and economic growth. High economic growth leads to the degradation of land and unsustainable depletion of renewable and non renewable resources. But on the other hand economic growth goes on evenly with technological change, which can facilitate energy efficiency and introduce innovation, which can help to reduce an environmental damages,what is called a 'green economy'. Green economy includes green energy generation based on renewable energy to substitute for fossil fuels and energy conservation for efficient energy use.

To consider an economic indicators or analysis, we should pay attention on a efferent way to measurement of human well-being or happiness. As known GAP is a measurement of the size of a country's economy and sometimes is used to track the standard of living. However, everything which has a positive effect on GAP and may contribute to the economic growth, on the other hand it negatively affects on the environment,such as environmental catastrophes, the ravages of war, and medical procedures. Another deficiency of using a GAP as a measurement of national advancement has a narrow focus.

For example the unpaid work of child rearing and housekeeping have no value also non-monetary transactions such as bartering for odds and services. In short the human existence can not be reflected using the GAP. In terms of this fact, there is determinate another measurement of economic growth - the Gross National Happiness, or NH. Happiness & Economic Growth By battened National Product does not allow for the health of our children, the quality of their education, or the Joy of their play.

It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public, debate or the integrity of our public officials. It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country; it measures everything, in short, except that which makes life worthwhile. '(Robert F. Kennedy, 1968) This brings us to the concern, that developed country focus on the all aspects of human being, such as economy, society, education, health, and so on.

GAP is unable to measure happiness of society and well-being in wider focus, that is why government needs to use other indicators as NH or HID. At the core of NH is collective happiness of society, which has several concerns. First of all is that in many countries, there has been greater wealth but there is not ore happiness. The improvement can be made to what and how we measure the relationship between wealth and happiness.

In this instance I would like to focus on the tiny nation of Bhutan, located between its gigantic neighbors, China and India which balance economic progress with the well-being of society, NH stands for the holistic needs of the human individual - both physical and mental well-being and offers the best possibility for the sustained happiness of the individual. Bhutan has been creating a more humane economy in terms of the four pillars: economic self- alliance, environmental preservation, cultural promotion and good governance.

The paradox is that the Bhutan came fifth from bottom in the Table of IN per head but comes top with survey if people are satisfied with their long-life and little damage to the environment. This brings to the second concern, which is difficulty, of market-led happiness. As we know, the market has been driver of efficiency and productivity but the same values threaten the factors that lead to the happiness. Mobility and Job-changes, which are necessary for productivity, is difficult to make sustained community life, hat means, that social and communal bases of emotional well-being are diminished by market economics.

Related to mobility and location changes we can notice third concern: people are living ever more apart despite getting ever more connected. The high rates of divorce or single parenting show us that there is an aspect of modern life, where people in pursuit of career often choose single life, without large families and do not have time to look after the elderly. The fourth concern we should focus on, is the rise of mental illness, drug and alcohol addictions, violence, suicides. Community live is worse in countries developed economy. People in pursuit of alleged happiness do not trust each other.

They attach greater importance of money and position, there are raised many differences and inequalities between rich and poverty, which causes violence, crime and physical and mental problems. (exploring social lives', Audio Cad's, 2009). To summarize, we can highlight a suggestion that, not only does wealth not make you happier, but it correlates with 'UN-happiness' in the form of raised anxiety and a far greater tendency to live in a mid-term projected 'future', eschewing today' and its sessions, so it seems natural to view happiness in the same way - as something to be acquired, possessed.

Understanding 'happiness' as a state of being, to be developed 'internally', spiritually, in relation to others, does not come naturally to most of us in the affluent world. Evidently, there is growing interest in how to be a happy, as opposed to how to make money. Pounds and pence are not the bottom line in life. It is our hope that as more thought is given to this common quest in life, there will be more ideas and reasons why NH should guide human development to further human civilization.

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Happiness & Economic Growth. (2018, Aug 08). Retrieved from https://phdessay.com/happiness-economic-growth/

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