“The science of happiness can trump GDP as a guide for policy” – The Conversation, April 13, 2016
At a time when global GDP is bound to be structurally lower, this is an important article. The economist (best known for the “Easterlin Paradox”) argues that and explains why happiness could supplant GDP as a measure of societal wellbeing. He offers four reasons as to why happiness should be preferred to GDP. In a nutshell: “Happiness tells us how well a society satisfies the major concerns of people’s everyday life. GDP is a measure limited to one aspect of economic life: the production of material goods.”