Determinants of Happiness Efficiency: From the viewpoint of “Beyond GDP†(Japanese)

Tetsuya Tsurumi, Hideyuki Mizobuchi, Junya Kumagai and Shunsuke Managi

Discussion Papers (Japanese) from Research Institute of Economy, Trade and Industry (RIETI)

Abstract: In discussions of "Beyond GDP," it has been pointed out that GDP, which is used as a proxy indicator of economic wealth, does not necessarily lead to an increase in subjective well-being. Therefore, the importance of factors other than GDP is being debated. This study focuses on education and health, which are indicators of human capital that have recently garnered attention; in addition to income, which is a proxy indicator of economic wealth. Using survey data targeting individuals, the study measures the differences in subjective well-being between individuals, given their levels of income, education, and health. Previous research has revealed differences in "happiness efficiency" across countries. However, in assessing the determinants of "happiness efficiency," prior research has only examined differences in terms of age, gender, economic situation, and social capital. Considering the discussion around planetary boundaries, a concept related to the environmental limits on the Earth, the current consumption levels in developed countries are unsustainable. Therefore, the issue of "how to increase happiness with limited resources" becomes crucial. This study not only measures individuals' "happiness efficiency" but also aims to identify factors that enhance it, in order to explore ways to increase subjective wellbeing while achieving sustainable development. The determinants of "happiness efficiency" that this study examines include the factors listed in the "OECD Better Life Index" as well as "non-materialistic perspectives.". The analysis revealed that improvements in work styles, a non-materialistic mindset and the presence of natural capital significantly increase "happiness efficiency."

Pages: 27 pages
Date: 2025-02
New Economics Papers: this item is included in nep-env and nep-hap
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