GDP Growth and Income Paradoxical Relation to Happiness in China and South Asian countries

Debraj Kalyan Roka

International Journal of Science and Business, 2019, vol. 3, issue 4, 61-85

Abstract: Happiness is the main aim of peoples in the world irrespective of their color, occupation, age and nationalities. Recognizing the similar meaning with subjective wellbeing, quality of life and life satisfaction, happiness has become a novel research theme for all researchers in all disciplines. The paper “GDP Growth and Income Paradoxical Relation to Happiness” is an innovative study in the field of happiness economics. The main objectives of this study are to show the relation between GDP growth and Income on happiness. Besides, this study shows the relations of HDI and economic freedom on happiness. The study analyzes the panel data from 2008 to 2016 covering China and South Asian countries. The main predicted variable of this study is happiness and major interested predictors are the GDP growth, GDP per capita, Human Development Index (HDI), economic freedom, life expectancy at birth and Gini. In addition to this, the paper estimated the relation between income and economic freedom, GDP growth and GDP per capita with inequality. The estimation strategy is to apply fixed and random effect and found the negative association between GDP growth rate and happiness but, in contrast, the study found the positive association between GDP per capita and happiness. The result found that negative association between the human development index and happiness and strong positive association and statistically significant between freedom of life choices and happiness. The study found the negative association between Gini and happiness and both negative and positive effect of life expectancy and economic freedom on happiness.

Keywords: GDP Growth; Income; HDI; Economic Freedom; Inequality and Happiness (search for similar items in EconPapers)
Date: 2019
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