The Economics of Happiness: Measuring Development Beyond GDP

The video explores the concept of economic development, highlighting the limitations of traditional measures like the Human Development Index. It introduces happiness economics as an alternative, focusing on subjective measures of well-being. The Easterlin Paradox is discussed, showing that increased income doesn't always lead to greater happiness. The UK's approach to measuring happiness through self-reported surveys is examined, along with the challenges of using such data. The video concludes by emphasizing the importance of considering happiness in assessing a country's development.

In what ways can happiness be a more comprehensive measure of development compared to traditional indicators?

How does the Office of National Statistics measure well-being in the UK?

What are some limitations of using self-reported surveys to measure happiness?