Why economic growth does not necessarily contribute to human happiness

Economic growth in developed countries has a dual effect. On one hand, people’s living standards and consumer spending are on the rise, but on the other hand, this does not necessarily make people happy and may in fact erode subjective well-being and lead to economic crises. A new study by an international team that included Francesco Sarracino, HSE LCSR Senior Associate Researcher, examines the reasons behind this phenomenon.

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