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Examining the Empirical Relationship Between Happiness and Human Development in Emerging Economies

In: Constraints and Opportunities in Shaping the Future: New Approaches to Economics and Policy Making

Author

Listed:
  • Md Ataul Gani Osmani

    (Varendra University)

  • Laeeq Razzak Janjua

    (WSB University)

  • Mirela Panait

    (Petroleum-Gas University of Ploiesti
    Institute of National Economy)

  • Vikas Kumar Singh Tomar

    (Alma Mater Studiorum – Università di Bologna)

Abstract

This study explores the empirical relationship between happiness and human development in seven emerging economies. The sample emerging economies are selected from the World Bank list, such as China, Russia, India, Indonesia, Brazil, Mexico, and Turkey. by using panel data from UNDP and our world in data from 2005 to 2020, this study first applies the panel cointegration test to determine whether there is a long-run relationship or not and to find that no long-run relationship between happiness and human development in emerging economies is manifested. Second, the ultimate application of panel VAR modeling entails that a one-way short-run causal relationship running from human development to happiness in emerging economies exists. This means that in the short-run, in emerging economies, human development causes happiness but not vice versa. Therefore, for building significant long-run relationships, those economies should focus on long-term strategies of economic freedom and mental health development.

Suggested Citation

  • Md Ataul Gani Osmani & Laeeq Razzak Janjua & Mirela Panait & Vikas Kumar Singh Tomar, 2024. "Examining the Empirical Relationship Between Happiness and Human Development in Emerging Economies," Springer Proceedings in Business and Economics, in: Luminita Chivu & Valeriu Ioan-Franc & George Georgescu & Ignacio De Los Ríos Carmenado & Jean Vasile (ed.), Constraints and Opportunities in Shaping the Future: New Approaches to Economics and Policy Making, chapter 0, pages 71-82, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-47925-0_7
    DOI: 10.1007/978-3-031-47925-0_7
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