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Does economic prosperity bring about a happier society? Empirical remarks on the Easterlin Paradox debate

Beja Jr., Edsel (2013): Does economic prosperity bring about a happier society? Empirical remarks on the Easterlin Paradox debate.

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Abstract

Empirical analysis confirms the Easterlin Paradox: there is indeed a statistically significant and positive, albeit very small, relationship between economic growth and happiness. Notwithstanding a conclusion based on statistical significance, economic analysis of the results, on the other hand, still affirms the Easterlin Paradox: there is little economic significance in a very small estimate of the relationship between economic growth and happiness. An argument can also be forwarded that the increase in happiness is not an automatic outcome of economic growth because happiness is more than about income.

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