Does Economic Wealth Mean Happiness?

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The British philosopher David Hume said: “ The great goal of all human endeavor is to achieve happiness.” Happiness is an ultimate goal of life and virtually everybody wants to be happy. Happiness is a psychological state of mind that the feelings of pleasure. Happiness is, after all, a state of mind. Happiness can be achieved by following measures including: psychological well-being, education system, living standards, government governance and politics, social position, and ecological environment wellness (Mankiw & Taylor, 2011, p. 8). Economic wealth is the net worth of firms, households, or nations, which are the value of all assets owned net of all liabilities owed at a period (Anderton, 2008, p. 203). It can be clearly seen that economic wealth and happiness are both important. This essay will examine whether economic wealth affects happiness. This paper will conclude that rises in economic wealth do not correlate with happiness. Many factors influence happiness, and the method of enhancing happiness. The essay will begin by discussing the relationship between economic wealth and life standards.

According to Mankiw & Taylor (2011), the quality of life in countries with high economic wealth could improve. Economic wealth can be measured by materials, goods, services, and GDP (gross domestic product), which is the market value of all final goods and services produced within a country Economist (2010). As Anderton (2008, p. 203) observes, the high rate of disposable money will probably lead to better health-care safeguards, advanced educational systems, and the material necessities of life, enhancing the standard of living. A country with increased economic wealth probably has a stabilized living environment. Rising economic...

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...ch, the Poor and Bulgaria. [Internet]

Available from:

http://www.economist.com/debate/days/view/501.

[Accessed 14 April 2012].

Hall, D., Jones, R., Raffo, C., and Anderton, A. (2008) Business Studies, 4th Edition Harlow, Pearson, Education.

Mankiw, G., Taylor, P., M. (2011) Economics 2nd Edition, Cengage Learning, Andover.

Marks, N. (2010) The Happy Planet Index. [Internet] Available on: http://www.ted.com/talks/nic_marks_the_happy_planet_index.html. [Accessed 5th April 2012].

Oswald, A. (1999) A Non-Technical Introduction to the Economic of Happiness [Internet] Available at: www.warwick.ac.uk/fac/soc/ecnmics/staff/academic/oswald/intro.pdf. [Accessed 9 April 2012].

Science Daily (2010) Over Long Haul, Money Doesn’t Buy Happiness. [Internet]

Available at:

http://www.sciencedaily.com/releases/2010/12/101213151407.htm

[Accessed 14 April 2012].

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