ECONOMIC DEVELOPMENT AND HUMAN HAPPINESS CREATES A QUALITY GROWTH AT GLOBAL LEVEL

Commerce

The era of GNP and GDP has been characterized by a huge global rise in living standards and in wealth. At the moment, though, GDP is embattled. Economists and national leaders are increasingly talking about measuring a country’s status with other metrics and even with a squishy-seeming concept like “happiness.” Any GDP expansion should “focus on economic aspects of non-market and near-market activities and not attempt to measure the welfare effect of such interactions.” Even then, they warned, “it is critical that such an expansion of the scope of the accounts not occur at the expense of funds needed to maintain, update, and improve the existing GDP accounts.” Money can’t buy happiness. But it could perhaps buy the ability to measure it. So we need to improve social indicators to make society happy. This study is conducted to explore how economic development and happiness is interrelated to each other and that help many countries in their planning, strategies and policies to overcome the problem in social as well as in economic area. This paper also answer the question that “how economic development and happiness help to achieve the performance of human and productivity of organization which makes a country highly developed.

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