Economic and Philosophical Pathways to Subjective Well-Being and a Flourishing Good Life : An Exploratory Perspective - Research

The search for happiness is a universal human goal. We all want to be happy and lead a flourishing life of endeavor with fruitful relationships, free from worries and afflictions. However, not all of us are happy, despite growth in personal income over time. Subjective well-being has traditionally been in the realm of philosophy, suggesting that happiness, as the only ultimate purpose of life, is underpinned by virtuosity and moral principles. In recent times, happiness has attracted the attention of economists and researchers in other disciplines too. Psychology indicates that certain personality attributes are critical for higher happiness levels. Economic reasoning suggests that rising incomes with economic growth and good health enhance quality of life and subjective well-being. This paper takes on an interdisciplinary exploratory approach to examining happiness. It examines the economic and non-economic influences on the human life satisfaction and assesses the role of government to enhance well-being and happiness. The paper introduces the philosophical influence of the mode of action, goodness as an alternative individual approach to a good life and lasting happiness, and complements this with a panel regression analysis, reflecting that rising income per head, freedom, healthy life expectancy conditions and income inequalities are significant economic factors influencing happiness in a society. For citizens' higher happiness levels, policy-makers should therefore promote economic growth with which rising income per capita is associated, ensure good health care conditions and minimize income inequalities.