28 Jul The economics of happiness – why it’s been falling & what to do about it?
Key Points:
- Despite rising GDP per person, measures of happiness have been flat to falling in western countries including Australia.
- Key drivers are likely to be rising expectations, the rise of social media and falling housing affordability.
- It may be driving the rise of extreme political parties.
- Some suggest we are on an “hedonic treadmill” and want a broader policy focus on something like Gross National Happiness, but by suppressing individual freedom and achievement this could in turn depress happiness.
