Document Type

Article

Publication Date

2021

Abstract

This paper addresses the question, “What would economic justice look like within the framework of Gross National Happiness (GNH)?” The paper begins by discussing the underlying philosophical justification behind GNH and how it differs from the justification underlying Gross National Product (GNP). It explains why, as a historical and theoretical matter, so many economists (especially in the West) believe in wealth-based measures and why happiness-based measures are better choices on both theoretical and practical grounds. Then it goes on to discuss methodologies for collecting happiness data and converting that data into prescriptions for law and public policy. In particular, the data on happiness reveal important points about the effect of money on happiness that are highly relevant to economic justice (as well as utility)–points that differ from the standard assumptions underlying GDP and neo-classical economic policy prescriptions. Most simply, there is credible empirical evidence that the correlation between an individual’s wealth and that individual’s happiness is far higher at low levels of wealth than at higher ones, which suggests that redistributive laws and policies would increase overall well-being

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