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The Economics Of Happiness

Signpost "Emerging Markets"Happiness can be measured not only at a company level but a country level, and as everyone in business knows, you manage what you measure. National leaders and Economists are increasingly talking about measuring a country’s status with other metrics – even an airy concept like “happiness.”

Prime Minister David Cameron of the UK caused quite a stir in recent years by unveiling plans to measure national well-being by creating a National Happiness Index to provide quarterly measures of how people feel.

Many things of value in life cannot be fully captured by GDP, but they can be measured by metrics of health, education, political freedom, and such. So although the replacing-GDP discussion may seem a little abstract, its growing credibility in important circles could give it a real impact on economic policy. Boardrooms across the globe are also making efforts to use new metrics to measure overall success. So it would seem the concept of “Happynomics” is something worth exploring.

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Quote of the Week

“No external conditions are required for happiness. Happiness is who you are!” —Dr. Jay Kumar