Тhe Economics of Happiness in the World: a Descriptive Analysis

Abstract

The paper examines the happiness index as a comprehensive indicator of the well-being of the population in different countries. The purpose of the article is to study the socio-economic factors that influence the formation of a happy nation in the modern world. The key components of the index are considered, such as subjective well-being, economic development, social support, healthy life expectancy, freedom of choice, generosity and perception of corruption. The cluster analysis of the 2005-2023 data identified six main clusters of countries, each characterized by unique factors that influence the level of happiness. The study also used comparative and statistical analysis to assess the relationships between key variables that determine well-being, such as GDP per capita, social support and life expectancy. The study reveals a close relationship between economic indicators and subjective levels of happiness, and emphasizes the importance of social interaction, the level of trust in society and the perception of justice. The results of the happiness index study demonstrate that the well-being of the population is a multifaceted phenomenon that depends on the interaction of economic, social, environmental and emotional factors. The analysis showed that economic development is an important but not the only factor in shaping happiness. Social support, freedom of choice, transparency of government structures, and the emotional state of the population are equally important. At the same time, the subjectivity of assessments and cultural differences in the perception of happiness pose certain challenges for a unified approach to assessing well-being. The use of cluster analysis allowed us to identify not only global trends, but also regional peculiarities. These peculiarities need to be taken into account when formulating international strategies. Improving the level of happiness of the population requires a comprehensive approach that takes into account economic, social, cultural and psychological aspects. The results of the study can serve as a basis for developing national and international strategies aimed at improving the quality of life and harmonizing social relations on a global scale.