Does Economic Wealth Mean Happiness Essay - 1348 Words

The British philosopher David Hume said: â€Å" The great goal of all human endeavor is to achieve happiness.† Happiness is an ultimate goal of life and virtually everybody wants to be happy. Happiness is a psychological state of mind that the feelings of pleasure. Happiness is, after all, a state of mind. Happiness can be achieved by following measures including: psychological well-being, education system, living standards, government governance and politics, social position, and ecological environment wellness (Mankiw Taylor, 2011, p. 8). Economic wealth is the net worth of firms, households, or nations, which are the value of all assets owned net of all liabilities owed at a period (Anderton, 2008, p. 203). It can be clearly seen that†¦show more content†¦Additionally, Mankiw and Taylor, (2011) argues that countries with high economic wealth have better well-being, for example, the United Kingdom, the United States, Germany, and Japan. There is less than a quarter percent illiteracy in countries with high economic wealth because of high-education system. Disposable income increases consumption, it including shopping, traveling, and several other entertainment activities. Mankiw and Taylor (2011) also state the challenges faced by countries with low economic wealth. Bangladesh, Pakistan, and Nigeria have 50 percent literacy rates because respondents cannot afford high tuition fees for training and education. Then, high unemployment may creates high rate of crime in countries with low GDP. Thus, result as exacerbated pressure and unhappiness. In addition, a country with low revenue and expense per person has fewer televisions, cell phones and other advanced devices, and less high-quality drinking water. Unfortunately, 78% of respondents in low economic wealth countries have low life expectancy, higher percentage of infant and maternal mortality; In the other words, the exponential increase in economic wealth per person will actually lead to su bstantial gains in happiness. According to Begley (2007), when demand outstrips economic wealth someone with ï ¿ ¡30 can decide between peanut butter and steak for dinner, yet someone with ï ¿ ¡2 had better hope they already have a jar of jelly. As expectationShow MoreRelatedThe Age Of Enlightenment By Voltaire And Economist Adam Smith844 Words   |  4 Pagesconsider the ideas of natural rights and separation of powers in democracies of the highest order of importance, the economic theories developed by the leading thinkers of the era pervade daily life in all societies. 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