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The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, [1] life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health.
The Theory of the Leisure Class: An Economic Study of Institutions (1899), by Thorstein Veblen, is a treatise of economics and sociology, and a critique of conspicuous consumption as a function of social class and of consumerism, which are social activities derived from the social stratification of people and the division of labor; the social institutions of the feudal period (9th–15th c ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Glen Elder theorized the life course as based on five key principles: life-span development, human agency, historical time and geographic place, timing of decisions, and linked lives. As a concept, a life course is defined as "a sequence of socially defined events and roles that the individual enacts over time" (Giele and Elder 1998, p. 22).
Apart from a definition of leisure, there are other questions of theoretical concern to the sociologist of leisure. For example, quantifying the results is difficult, as time-budget studies have noted that a given amount of time (for example, an hour) may have different values, depending on when it occurs—within a day, a week, or a year. [ 2 ]
Life satisfaction is an evaluation of a person's quality of life. [1] It is assessed in terms of mood, relationship satisfaction, achieved goals, self-concepts , and self-perceived ability to cope with their life.
Leisure satiation is present. 3. There is perfect substitutability between food and leisure, and the marginal rate of substitution is constant for all real income levels. Now if MPL>0 then leisure satiation option becomes invalid, and if MPL=0 then the option of food and leisure as perfect substitutes becomes invalid.
Personal life is the course or state of an individual's life, especially when viewed as the sum of personal choices contributing to one's personal identity. [1] Apart from hunter-gatherers, most pre-modern peoples' time was limited by the need to meet necessities such as food and shelter through subsistence farming; leisure time was scarce. [2]