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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.
Seligman is a strong promoter within the scientific community of his theories of well-being and positive psychology. [1] His theory of learned helplessness is popular among scientific and clinical psychologists. [2] A Review of General Psychology survey, published in 2002, ranked Seligman as the 31st most cited psychologist of the 20th century. [3]
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [1]The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.
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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.
According to Seligman, for an element to be considered part of a well-being theory, it must possess three essential properties: it must contribute to well-being, be pursued by many people for its own sake rather than merely as a means to obtain other elements, and be defined and measured independently of the other elements, ensuring its exclusivity. [4]
Well-being is the state that egoists seek for themselves and altruists aim to increase for others. [15] Many disciplines examine or are guided by considerations of well-being, including ethics, psychology, sociology, economics, education, public policy, law, and medicine. [16] The word well-being comes from the Italian term benessere. It ...