Modern economists and too many politicians argue that Economic growth in itself will make people happier. They are wrong. Economic growth doesn’t bring happiness to societies, but decreasing economic inequality does. Another (unsurprising) element also raises people’s happiness: spend more time being social than working. I can only imagine the confusion people who follow the Chicago school are experiencing after reading this paragraph.
The modern world has been built upon the idea that a bigger GDP causes a bigger GNH, which has led to problems we need to address. Automation is causing unemployment of repetitive tasks that used to be a stable career. On top of that, cities are suffering from growing inequality. So what do we do as a society? Jonathan Rose ponders this question at the Atlantic.
But there is a deeper reason. Happiness is tied to what Deaton calls emotionally enriching social experiences. Kahneman says, “The very best thing that can happen to people is to spend time with other people they like. That is when they are happiest.” The way people spend their time is also a critical component of sense of well-being. In another study Kahneman and his colleagues tracked how people experience their day by asking them to record events in fifteen-minute intervals and evaluate them. Walking, making love, exercise, playing, and reading ranked as their most pleasurable activities. Their least happy activities? Work, commuting, child care, and personal computer time. How many people really enjoy a night of plowing through endless emails?
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