Introduction Most countries have set economic growth as one of their highest priority objectives. Survey evidence, however, suggests that the relationship between income (GDP per capita) and the level of individual self-reported happiness (subjective well-being index) is not linear. Figure 5.1 presents a simple scatter plot of income and happiness for 94 countries from 1952 to 2004. Although there is an increasing trend between happiness and income, we find that after a certain level of income, the marginal utility of income decreases.
|Title of host publication||The Economics of Biodiversity and Ecosystem Services|
|Publisher||Taylor and Francis|
|Number of pages||25|
|Publication status||Published - Dec 20 2012|
All Science Journal Classification (ASJC) codes
- Economics, Econometrics and Finance(all)
- Business, Management and Accounting(all)