Happiness in Economics
What is Happiness?
Simply Textbook
Most economists take it as a matter of course that higher income leads to higher happiness. And why not? A higher income expands individuals' and countries' opportunity set; that is, more goods and services can be consumed. The few people not interested in more comodities need not consume them; they have the freedom to dispose of any unwanted surplus free of charge. It therefor seems obvious taht income and happiness go together (provided, of course, that the two are correctly measured). Consequently, economics textbooks do not even make an effort to come up with a reason, but simply state that utility 'U' is raised by income 'Y'
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