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From economic wealth to well-being: exploring the importance of happiness economy for sustainable development through systematic literature review

Author

Listed:
  • Shruti Agrawal

    (Malaviya National Institute of Technology Jaipur
    Erasmus University)

  • Nidhi Sharma

    (Malaviya National Institute of Technology Jaipur
    Erasmus University)

  • Karambir Singh Dhayal

    (Birla Institute of Technology and Science (BITS))

  • Luca Esposito

    (University of Salerno
    University of Eastern Finland)

Abstract

The pursuit of happiness has been an essential goal of individuals and countries throughout history. In the past few years, researchers and academicians have developed a huge interest in the notion of a ‘happiness economy’ that aims to prioritize subjective well-being and life satisfaction over traditional economic indicators such as Gross Domestic Product (GDP). Over the past few years, many countries have adopted a happiness and well-being-oriented framework to re-design the welfare policies and assess environmental, social, economic, and sustainable progress. Such a policy framework focuses on human and planetary well-being instead of material growth and income. The present study offers a comprehensive summary of the existing studies on the subject, exploring how a happiness economy framework can help achieve sustainable development. For this purpose, a systematic literature review (SLR) summarised 257 research publications from 1995 to 2023. The review yielded five major thematic clusters, namely- (i) Going beyond GDP: Transition towards happiness economy, (ii) Rethinking growth for sustainability and ecological regeneration, (iii) Beyond money and happiness policy, (iv) Health, human capital and wellbeing and (v) Policy push for happiness economy. Furthermore, the study proposes future research directions to help researchers and policymakers build a happiness economy framework.

Suggested Citation

  • Shruti Agrawal & Nidhi Sharma & Karambir Singh Dhayal & Luca Esposito, 2024. "From economic wealth to well-being: exploring the importance of happiness economy for sustainable development through systematic literature review," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(6), pages 5503-5530, December.
    • Handle: RePEc:spr:qualqt:v:58:y:2024:i:6:d:10.1007_s11135-024-01892-z
    DOI: 10.1007/s11135-024-01892-z
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    References listed on IDEAS

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