HAPPINESS IN ECONOMIC THINKING

Abstract

The study of happiness has always been a central topic in economic thought, with varying approaches across different eras. The physiocrats and mercantilists of the 18th century had contrasting visions of happiness, the former linked it to agriculture and nature, while the latter saw it in the accumulation of national wealth. Over time, classical and neoclassical economic thought approached the question of happiness by emphasizing the maximization of individual utility and the satisfaction of needs.

In modern times, an interdisciplinary convergence has developed around the question of happiness. Disciplines such as economics, psychology and sociology have sought to understand and measure happiness. However, there are debates about the economics of happiness to escape normativity, i.e. the value judgments and ideologies that might influence conclusions.

In addition, different approaches have been proposed to address happiness in economics. Utilitarianism seeks to maximize overall happiness, while "welfarism" and "anti-welfarism" focus more on inequalities and the distribution of well-being.