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April to June 2024 Article ID: NSS8588 Impact Factor:8.05 Cite Score:2797 Download: 73 DOI: https://doi.org/ View PDf
An Economic Study on Happiness Index and Gross Domestic Product
Dr. Vibha Vasudeo
Professor and HOD, School of Studies in Economics, Maharaja Chhatrasal Bundelkhand University , Chhatarpur (M.P.)Ms. Shilpa Chouksey
Research Scholar, School of Studies in Economics, Maharaja Chhatrasal Bundelkhand University, Chhatarpur (M.P.)
Abstract:
While measuring a country's development we usually look upon its
quantitative results and tend to overlook its qualitative aspects like
happiness. The GDP Growth Rate alone cannot reveal the true development of a
nation. And thus, this calls upon research on the relationship between
happiness and economic growth. Through this research, the paper is trying to
inquire if a higher Happiness Index necessarily means a higher GDP Growth Rate
or vice-versa. If the Happiness Index falls, will the GDP growth rate also face
a drop or will it show a rising trend? The research is based on secondary
sources and offers a comparative analysis of the influence of GDP growth and
happiness on development through a literature review of data from worldwide
databases and previous research works. The research is descriptive and aims to
find whether a relation between the two can be concluded by tabulating, assessing
data, and studying the causes and taking 7 South Asian countries as the study
cases.
Keywords: GDP Growth Rate, Happiness
Index, South Asian Countries, World Happiness Report (2023).