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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.
"Financial literacy is the knowledge and understanding of financial concepts and risks, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve the financial well-being of individuals and society, and to enable participation in ...
"Hedonic treadmill" is a term coined by Brickman and Campbell in their article, "Hedonic Relativism and Planning the Good Society" (1971), describing the tendency of people to keep a fairly stable baseline level of happiness despite external events and fluctuations in demographic circumstances. [2]
Still, the scope of the problem – renters have a median net worth of just $10,400 compared to about $400,000 for homeowners with only about half of that accounted for by home equity – suggests ...
Exploring various cultural perspectives on well-being, Joshanloo (2014) identifies and discusses six broad differences between Western and non-Western conceptions of well-being. For example, whereas Western cultures tend to emphasize the absence of negative emotions and autonomy in defining well-being, Eastern cultures tend to emphasize ...
Utility, a general term for individual well-being in economics and decision theory Decision utilities, utilities as revealed by human behavior under the assumption of rationality; Economic surplus, the total economic benefit or gains from trade provided for society
Edward Francis Diener (July 25, 1946 – April 27, 2021) was an American psychologist and author. Diener was a professor of psychology at the University of Utah and the University of Virginia, and Joseph R. Smiley Distinguished Professor Emeritus at the University of Illinois, as well as a senior scientist for the Gallup Organization.
The Financial Social Work model incorporates the transformative learning approach to expand self-awareness, sense of self and provide financial knowledge. As individuals gain more insight into why and how their thoughts and attitudes about money developed, they are more likely to make deep, long-lasting financial choices that positively impact ...