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Henry on "Gross National Happiness"

Submitted January 20, 2005 - 4:08 pm by Al Giordano
As an indication that this discussion is happening in other places, too, James S. Henry today posted a most interesting analysis of the paucity of "leading economic indicators" in measuring what he calls the "Gross National Happiness" of a nation.

Henry vets the findings of some present-day heretical economists:who challenge the conventional view that more money equals more happiness.

Among their findings, he says:

Beyond a certain level of per capita measured income -- about $15,000 per year -- reported happiness levels don't improve very much across countries. There is also a great deal of variation in reported subjective happiness levels poorer countries at similar income levels. In other words, making "measured growth" the sine qua non of economic policy makes little sense.

And...

High-income groups report somewhat higher "very happy" levels within countries at any given point in time. But among First World countries,  increases in average real per capita income have not led to increased happiness levels over time.

And, of particular interest to our beat of the drug war...

Indeed, since the late 1940s, increased real income levels among First World countries have been accompanied by rising levels of alcoholism and drug addiction, depression, and crime  -- an indication of a growing gap between trends in income and happiness.

And...

Changes in real income may lead to short-time increases in subjective happiness at the individual level.  But people become "habituated" to new levels of material income quickly -- in less than a year. Since they also tend to underestimate such "habituation" effects, they probably also spend too much time on the job, and too little time with their families.

Read the whole thing. It's brilliant.

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