IDEAS home Printed from https://ideas.repec.org/a/mth/rbmjnl/v9y2022i1p43-49.html
   My bibliography  Save this article

Understanding Economics in the Context of Prosperity Concept

Author

Listed:
  • Habtamu Girma Demiessie

Abstract

Conventional understanding on the purpose of the economy and/or the essence of economic science is dealing with the decision making behavior of economic agents in a way for optimal allocation of scarce resources in production, consumption and exchange of economic goods & services activities. And, the four economic resources are land, labor, capital and entrepreneurship. On the other hand, the term economy, in its conception with prosperity, is quite different. For one, in the context of prosperity, there are seven (7) types of economic resources. These are- Money, Food, Clothing, Recreation, Rest, Time and Energy. Moreover, the focus of economy in prosperity is not limited to material satisfaction, but also spiritual acquisition. Therefore, the economics of prosperity entails maximizing wellness of people (communities) through optimal allocation on those mentioned seven (7) dimensions of resources, which can be categorized as material and non-material by their virtues. More importantly, the essence of economics in the context of prosperity is setting standards and/or principles on how people can manage a balanced life, where their material and spiritual needs are better served. This paper tries to characterize ideals of prosperity concept with fundamentals of economic science.

Suggested Citation

  • Habtamu Girma Demiessie, 2022. "Understanding Economics in the Context of Prosperity Concept," Research in Business and Management, Macrothink Institute, vol. 9(1), pages 43-49, December.
    • Handle: RePEc:mth:rbmjnl:v:9:y:2022:i:1:p:43-49
    as

    Download full text from publisher

    File URL: https://www.macrothink.org/journal/index.php/rbm/article/download/20556/15904
    Download Restriction: no
    File URL: https://www.macrothink.org/journal/index.php/rbm/article/view/20556
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Andrew E. Clark & Claudia Senik, 2011. "Is Happiness Different From Flourishing? Cross-Country Evidence from the ESS," Revue d'économie politique, Dalloz, vol. 121(1), pages 17-34.
    2. Ed Diener, 2006. "Guidelines for National Indicators of Subjective Well-Being and Ill-Being," Journal of Happiness Studies, Springer, vol. 7(4), pages 397-404, November.
    3. Easterlin, Richard A., 1974. "Does Economic Growth Improve the Human Lot? Some Empirical Evidence," MPRA Paper 111773, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christopher Mackie & Conal Smith, 2015. "Conceptualizing Subjective Well-Being And Its Many Dimensions – Implications For Data Collection In Official Statistics And For Policy Relevance," Statistics in Transition New Series, Polish Statistical Association, vol. 16(3), pages 335-372, September.
    2. O'Donnell, Gus & Oswald, Andrew J., 2015. "National well-being policy and a weighted approach to human feelings," Ecological Economics, Elsevier, vol. 120(C), pages 59-70.
    3. Gregor Gonza & Anže Burger, 2017. "Subjective Well-Being During the 2008 Economic Crisis: Identification of Mediating and Moderating Factors," Journal of Happiness Studies, Springer, vol. 18(6), pages 1763-1797, December.
    4. Mackie Christopher & Smith Conal, 2015. "Conceptualizing Subjective Well-Being and its Many Dimensions – Implications for Data Collection in Official Statistics and for Policy Relevance," Statistics in Transition New Series, Statistics Poland, vol. 16(3), pages 335-372, September.
    5. Conal Smith & Christopher Mackie, 2015. "Conceptualizing Subjective Well-Being and its Many Dimensions – Implications for Data Collection in Official Statistics and for Policy Relevance," Statistics in Transition new series, Główny Urząd Statystyczny (Polska), vol. 16(3), pages 335-372, September.
    6. Demiessie, Habtamu, 2021. "Understanding Economics in the Context of Prosperity Concept," MPRA Paper 105692, University Library of Munich, Germany.
    7. Wolfers, Justin & Stevenson, Betsey & Sacks, Dan, 2010. "Subjective Well-Being, Income, Economic Development and Growth," CEPR Discussion Papers 8048, C.E.P.R. Discussion Papers.
    8. Demiessie, Habtamu, 2020. "Modeling Consumption and Saving Decision Making Behavior of People in the Settings of Urban Eastern Ethiopian Communities : A Heterodox Economics Approach," MPRA Paper 104144, University Library of Munich, Germany.
    9. Francesco Sarracino, 2014. "Richer in Money, Poorer in Relationships and Unhappy? Time Series Comparisons of Social Capital and Well-Being in Luxembourg," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 115(2), pages 561-622, January.
    10. Papageorgiou, Athanasios, 2018. "The Effect of Immigration on the Well-Being of Native Populations: Evidence from the United Kingdom," MPRA Paper 93045, University Library of Munich, Germany.
    11. Rauf Gönenç & Oliver Röhn & Christian Beer & Andreas Wörgötter, 2013. "Responding to Key Well-being Challenges in Austria," OECD Economics Department Working Papers 1080, OECD Publishing.
    12. Maurizio Pugno & Francesco Sarracino, 2021. "Structural Changes in Economic Growth and Well-Being: The Case of Italy’s Parabola," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 158(3), pages 801-838, December.
    13. Sarracino, Francesco & O'Connor, Kelsey J. & Ono, Hiroshi, 2019. "Making economic growth and well-being compatible: evidence from Japan," MPRA Paper 93010, University Library of Munich, Germany.
    14. Kamal Kasmaoui, 2020. "What makes Moroccans happy: A micro-data study," Working Papers hal-02956855, HAL.
    15. O'Connor, Kelsey J., 2022. "Measuring Progress," IZA Policy Papers 194, Institute of Labor Economics (IZA).
    16. Cristina Sechel, 2019. "Happier Than Them, but More of Them Are Happy:Aggregating Subjective Well-Being," Working Papers 2019008, The University of Sheffield, Department of Economics.
    17. Piekalkiewicz, Marcin, 2016. "Money, Social Capital and Materialism. Evidence from Happiness Data," EconStor Preprints 130185, ZBW - Leibniz Information Centre for Economics.
    18. repec:hum:wpaper:sfb649dp2013-035 is not listed on IDEAS
    19. J. Cramm & V. Møller & A. Nieboer, 2012. "Individual- and Neighbourhood-Level Indicators of Subjective Well-Being in a Small and Poor Eastern Cape Township: The Effect of Health, Social Capital, Marital Status, and Income," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 105(3), pages 581-593, February.
    20. Frijters, Paul & Clark, Andrew E. & Krekel, Christian & Layard, Richard, 2020. "A happy choice: wellbeing as the goal of government," Behavioural Public Policy, Cambridge University Press, vol. 4(2), pages 126-165, July.
    21. Valérie Prycker, 2010. "Happiness on the Political Agenda? PROS and CONS," Journal of Happiness Studies, Springer, vol. 11(5), pages 585-603, October.

    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mth:rbmjnl:v:9:y:2022:i:1:p:43-49. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Macrothink Institute (email available below). General contact details of provider: http://rbm.macrothink.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.