HUMAN DEVELOPMENT AND HAPPINESS ECONOMICS
Human development and happiness economics are two interrelated fields that offer a comprehensive understanding of economic progress beyond traditional measures like GDP. While human development focuses on improving people's lives by expanding their capabilities and opportunities, happiness economics examines the factors contributing to individuals' well-being and overall life satisfaction.
Human development emphasizes improving people's lives by expanding their capabilities and opportunities. It includes dimensions such as health, education, and living standards. The Human Development Index (HDI), created by the UNDP, measures these aspects to assess a country's development, focusing on enhancing quality of life and human potential.
Happiness economics examines factors contributing to individuals' well-being and life satisfaction. It challenges the idea that higher income equals greater happiness, highlighting the importance of social relationships, health, work-life balance, and community engagement. Tools like the World Happiness Report measure and analyze happiness across societies.
Human development provides the capabilities for a good life, while happiness economics focuses on subjective well-being. Together, they offer a comprehensive view of progress, guiding policies to improve both living conditions and life satisfaction.
Human development focuses on improving people's lives by expanding their capabilities and opportunities, ensuring they can lead long, healthy, and fulfilling lives. It shifts the focus from economic growth to human well-being, emphasizing the quality of life and the ability to make choices.
1.Health: Good health is fundamental to human development. It ensures individuals can live long and productive lives. Indicators like life expectancy at birth are commonly used to measure health. For instance, India's life expectancy was around 69.4 years in 2020, reflecting improvements in healthcare but also highlighting areas needing further development. Additionally, infant mortality rates and access to healthcare services are critical indicators of health development.