Wellbeing and Its Determinants: Case of Malaysia

SSRN Electronic Journal, 2005

If bigger objects go into a jar, then there will be space to fill it with smaller objects in sequence, depending upon the size of subsequent objects. Like a Magical Demo, at any point of time the jar is not full, till the smallest fills it to a saturated level. If the order of the objects are reversed, then it ends in filling it at the starting point, without any space to fill further. Happiness in life is a Logical Info similar to this Demo. If one fills the bigger priority needs in the life, then there will be enough capacity to fill relatively smaller needs in sequence, to attain progressive happiness. It ends in frustration, if the order of priority is changed. Even though some feel that money can buy happiness, the majority opinion is that money cannot bring happiness, and it can induct problems as well. In the Economic scenario, GDP is used as an index to measure the progress. But from the point of view of peoples' happiness, which is an essential socioEconomic Development need, GDP is vague relation builder. Governments and Private corporate sectors in different developed nations do have attempted to induct more happiness to their employees, by ensuring more money generation opportunities, lower working hours, increased fringe benefits etc… But, frustration and depression seem to be increasing in proportion to the Tangible wealth gain. Also the priority needs of households change over a period of time, and people feel happy by comparing their possessions relative to others around. It is because, the Tangible (TEE) wealth generation is dribbled (filtered) by Intangible (EYE) feelings of Happiness and satisfaction.

Choice Reviews Online, 2008

This study aims at analyzing the determinants of individual " s happiness in Pakistan. However, this kind of research is hardly undertaken in Pakistan. The present study is first of its kind in Pakistan to analyze the determinants of individual happiness by using the data from World Values Survey (WVS) for three different waves, which are 1994-1998, 1999-2004, and 2010-2014. Total sample consists of 3,933 individuals with 733 individuals in the 1994-98 wave, 2000 individuals in the 1999-2004 wave and 1200 individuals in the recent wave of 2010-2014. Happiness is measured by a question regarding feeling of happiness of individuals on a four-point scale with the options, very happy, quite happy, not very happy, and not at all happy. This happiness measure is regressed on socioeconomic and demographic variables, namely, age, health status, gender, marital status, education, income, children, employment status, importance of religion, family saving during past year, trust and satisfaction with financial situation of household. Ordered Probit regression technique is used for estimation. Interestingly, the percentage of " very happy " individuals has increased over time in Pakistan as in the 1994-98 wave the frequency of very happy individuals is 28% which increased to 45% in the recent wave. However, happiness is lower for males, married persons and for aged people and for persons, having children. Results suggest the need for policy makers to adopt social programs to increase income of the people and to improve health status of individuals. Introduction The origin of concept of happiness or utility can be traced back in the work of Jeremy Bentham during the sixteen and seventeen century (Stark, 1952). Bentham (1789) defines happiness as " the sum of pleasures and pains " and utility being well-thought-out measure of happiness and satisfaction (Bentham, 1789). However, earlier economists like Smith (1963) and Mill (1863) have defined happiness in terms of utility which was generally referred as satisfaction from consumption of material goods and services. Early economists always desired to use the assumption that for the measurement of utility income can be a proxy. Meanwhile, the concept of utility in economics revolved around a particularly basic psychological notion. The absolute measure of utility, namely, cardinal utility, has later been replaced by the relative measure of utility, namely, the ordinal approach.

2011

This study examines the role of socio-demographic determinants on individual's level of happiness. Primary survey data on Penang, Malaysia is used for analysis. Based on the findings, being married and Malay are associated with higher probability of feeling very happy or happy. Nevertheless, individuals who suffer from chronic diseases are more likely to have unhappy or very unhappy feelings. The rest of the factors such as income, education, age, gender, and employment status are found to have insignificant effects on happiness. Several policy implications can be recommended based on the outcomes.

2007

Abstract This paper presents a review of literature, validation, methods, and applications of subjective well-being data in economic analysis. The idea is to provide researchers and policy makers a comprehensive guideline to what need to be considered before embarking on a research in the economics of happiness such as data collection and the validation of happiness scales.

2008

The issue-to-be-considered reflects necessity of separate analysis of subjective and objective economic well-being, which occurred as a sequence of discovery and accumulation of gaps between objective economic situation and its' evaluations. Within the bound of this research, terms "subjective quality of life" and "subjective wellbeing" are used as synonymous notions; satisfaction with life and happiness are considered as principal indicators of subjective quality of life on the operational level. Methods used in the empirical research include 11-point scale for life satisfaction measure, "elation-depression" scale of A. E. Wessman & D. F. Ricks for happiness measure, interview, and economic attitudes measurement scales. The sample consists of 340 subjects, all Russian citizens; it is divided into four age groups: 17-20 years old, 21-24 y. o., 25 33 y. o., over 33 y. o. Such division takes into account peculiarities of political and economical socia...

https://www.ijrrjournal.com/IJRR_Vol.8_Issue.10_Oct2021/IJRR-Abstract09.html, 2021

Happiness has become one of the indicators in measuring the level of success of economic development lately. Happiness as an indicator of development success is in line with the new schools of thought in economics, namely economics of happiness and economics of behavior. This happiness indicator is in line with the sustainable development goals driven by the United Nations agency. This study aims to analyze the effect of macroeconomic variables on happiness in Indonesia. The macroeconomic variables are gross regional domestic product per capita, poverty, provincial government expenditures for the education function and for the health function. Happiness data is obtained from the results of a survey of measuring the level of happiness conducted by the Central Statistics Agency which issues a happiness index in 33 provinces in Indonesia. The form of this research is descriptive-quantitative and sourced from secondary data obtained from the publications of the Central Statistics Agency, the Ministry of Education, the Ministry of Health and the National Development Planning Agency. Data analysis uses a panel data regression approach, with serial data in 2014 and 2017 for the number of observations in 33 provinces in Indonesia. The results of the research analysis show: (1) gross regional domestic product per capita has a positive and significant effect on happiness in Indonesia; (2) poverty has a negative and significant effect on happiness in Indonesia; (3) provincial government spending on education function has a positive and significant effect on happiness in Indonesia; (4) provincial government spending on health function has a positive and insignificant effect on happiness in Indonesia.

The Economic Journal, 1997

If a nation's economic performance improves, how much extra happiness does that buy its citizens? Most public debate assumes-without real evidence-that the answer is a lot. This paper examines the question by using information on well-being in Western countries. The data are of four kinds: on reported happiness, on reported life satisfaction, on reported job satisfaction, and on the number of suicides. These reveal patterns that are not visible to the anecdotal eye. In industrialized countries, well-being appears to rise as real national income grows. But the rise is so small as to be sometimes almost undetectable. Unemployment, however, seems to be a large source of unhappiness. This suggests that governments ought to be trying to reduce the amount of joblessness in the economy. In a country that is already rich, policy aimed instead at raising economic growth may be of comparatively little value.

Human happiness is based on the overall development of an economy, which is also supported by world happiness index which includes gross domestic product per capital, life expectancy and social support and Freedom. Happiness is considered a proper measure of social progress and goal of public policy. The concept of happiness and well-being are very likely to help guide progress towards sustainable development. If we talk about economic development, it includes overall development of an economy i. e. growth in National income, health facility, education facility and government policy etc. India ranks 117 out of 158 nations on global happiness index. The other countries in top five are Switzerland, Iceland, Denmark, Norway and Canada. By Press trust of India, United published on April 24, 2015. It is a big thing to study, that why there is a big difference among countries. Many LDCs (Lower developed countries) face the problems to decrease the gap among different income groups. The cause of this problem is lack of resources which fulfils the basic need. The study focuses on all facts which affect Indian Economical development, and human happiness. INTRODUCTION If we talk what makes people happy in life? This is a crucial question that has the potential to shake up economic development of an economy. If a person enjoys all the facilities provided by the government and he says that he is happy in his life the thing is that human happiness depends upon the gross domestic product of an economy, life expectancy, social support and freedom. It also considers a proper measure of social pro gress and goal of public policy, and all conditions that make a person happy. Economic development refers to the process whereby the people of the country or region come to utilize the resources available to bring about a sustained increase in per capita production of goods and services; it also includes improvement in health facilities, education facilities, and also increases in National income. There are two terms one is economic growth and the second economic development where Economic growth is a quantitative concept which includes increase in national income, per capita income, while economic development is a qualitative concept which includes o ver all development of people of a country. If we talk about the relation blow economic development and human happiness, we can say that human happiness is totally based on economic development because the terms of economic development and human happiness are same.

Pressacademia, 2021

Purpose-The purpose of this study is to analyze the relationship between economic growth (or economic performance) and happiness (life satisfaction, well-being). Happiness economics is a very contemporary research field, attracting economists, sociologists, psychologists and other scientists to investigate it, yet there is many rooms for exploration. Money is not everything, so how much does it matter precisely? This debate has divided the researchers in two parties: the ones who are arguing that economic growth and happiness go hand in hand and the ones who say that there is no relationship between these two concepts and because of this fact the constant aspiration for economic growth lost its meaning, and does more harm than benefit. Methodology-We started by analyzing the accurate and detailed definition of the GDP and include information about it in order to better understand its function and applicability. In the following, we have analyzed the concept of happiness, the way it can be defined and measured. Then, we have analyzed the given economic theories which relate to these two concepts and describe a relationship between them. We analyzed four countries (Denmark, Costa Rica, Romania, and India) mostly based on their economic and well-being situation, and the available indicators which have an effect on well-being. We examined these countries because two of them had a very high level of wellbeing, one had a medium level and one had a low level of well-being. There were examples where the money had a good effect on happiness and also where not. In Denmark and Costa Rica money was not the only (or any reason) because for the high level of well-being, other factors, not really related to money, were high as well. In Romania, the GDP and happiness have increased at the same time. In India, the increasing GDP has brought in fact diminishing happiness. Findings-In our paper, we have found out that there are various theories built upon this question, as controversial studies and opinions. Some researchers say that GDP has no effect on the level of well-being. On the contrary, more recent studies generally prove the other side, that GDP and happiness go hand in hand. There was one common factor in almost every research: money has a diminishing marginal utility on happiness, for a very poor country additional income does bring a high level of happiness, but for a very rich country it is almost invisible. It needs to be mentioned that growth and development do not concern just quantitative increases in production, consumption, income, or any other measures. They generally also involve qualitative changes, like education, healthcare, or political freedom. These factors certainly develop the level of well-being in a country, and for their development, there is a need for economic growth. On the other hand, economic growth does not guarantee the development of these factors, as we can see in the example of India. In my opinion, the best approach is not to focus on economic growth anymore, but on the question, how could we use this growth in GDP in order to improve our conditions and make people happier? Conclusion-Meanwhile measuring happiness is much more complex, although we have many measures trying to assess it: Gross National Wellbeing, Happiness Index, Genuine Wealth Index Happy Planet Index, OECD Better Life Index, Human Development Index, Well-being index, Social Development Index, and many others, but they are not widely accepted because of their subjectivity and non-accuracy. Even more, it is much more difficult to improve these measures in a country because they depend on many factors, some of which are not even entirely clarified than to improve GDP, which relies on objective, strictly numerical measures. The starting point of nearly every happiness and welfare measure is self-reported happiness, which given its nature is very subjective. This fact again provokes skepticism and antipathy in many people's minds and tends to state that these measures are not relevant and should not be based upon. Economic growth is one indicator that is widely used and analyzed, but happiness indicators are not so frequently discussed. On the other hand, we think there is a need to do it, that is why there is an emerging interest among researchers towards it.