GDP and citizens’ happiness

Abstract

The standard of living of the citizens of different countries is mostly identified with the level of gross domestic product (GDP), nominal and per capita. In the public sphere, on the other hand, there is talk of ‘socio-economic’ development, supposedly reflected in the economic indicators mentioned above. The conviction of the universality of these two measures, as well as the equalization of social and economic development, is becoming an increasingly frequent basis for the criticism of GDP as a measure of national wellbeing. However, what is the true relationship between GDP and level of citizens’ happiness? This issue is considered by the authors.