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Economics of happiness and well-being

This week I came across a book in which I asked if money gives happiness ?. There I found a quote from Henry Ford, an American businessman, in which he said “It is not the businessman who pays the salaries. Entrepreneurs just hand over money. It is the client who pays the salaries ”. This same book made a summary on the happiness measurements in the Kingdom of Bhutan where they measure not GDP, but Gross National Happiness. What is suggestive of the book is that they mentioned that the measure of GDP is very relative and is not enough to know if a country is rich or not. For example, at first glance it seems that the United States has a higher GDP, but compared to other countries where the population is smaller, each inhabitant is much richer. So what are we really measuring? Analyzing the indicators and measurements in terms of happiness I came to a very interesting concept in the book by Luis Gallardo, founder of the World Happiness Fest and BE, the economics of happiness and well-being.

In his book he mentions that the world’s economies have led to the growth of inequality, the loss of diversity and the problems of climate change that we face today. If the economy revolved around the well-being of human beings, taking the Kingdom of Bhutan as a reference, a change could be generated. The Council of Europe recently published that people’s well-being has value in itself, so is there a way to measure it?

Today some steps have been taken towards this new welfare economy, through the emergence of new economies. Below, I present several examples that Luis Gallardo shares in his book.

Under the great umbrella of the Wellbeing and Happiness Economy are: circular economy, orange economy, and green economy. The circular economy is one that focuses on reducing, reusing and recycling products, components and raw materials. This economy bases its efforts on sustainable and sustainable development. The orange economy, of which I have spoken in several of my articles, is in charge of giving value, channeling and formalizing creative industries such as music, arts, architecture, writing, dance, technology, etc.

Luis also mentions a new economy that, for me, is completely new, the green economy in which the interconnection between people and the environment is valued. In other words, our economic decisions have an impact on the ecosystem, there lies the importance of awareness and taking responsibility. “The principles of the Green Economy are: The principle of well-being (being able to create and enjoy progress and prosperity); The principle of planetary limits (safeguard, restore and invest in nature); The principle of good governance (be guided by responsible, resilient people and integrated institutions); The principle of justice (promoting equity between and within generations); The principle of efficiency and sufficiency (support for sustainable production and consumption) ”.

In this sense, GDP does not measure what is really important for the new social dynamics. We need to place more emphasis on people’s mental health, especially considering the state in which the majority of citizens find themselves due to the pandemic; emphasis on how technology positively and negatively impacts human health; emphasis on an education in which people can learn to be mentally, physically and socially healthy, in which there is an awareness of the importance of well-being and happiness. Perhaps if we could have that economy of well-being and happiness, we could prevent a new pandemic, wars, inequality, inequality and poverty.


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