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Despite a large body of positive psychological research into the relationship between happiness and productivity, [1] [2] [3] happiness at work has traditionally been seen as a potential by-product of positive outcomes at work, rather than a pathway to business success. Happiness in the workplace is usually dependent on the work environment.
The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, [1] life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health.
Some countries, in some periods, experience economic growth without increasing happiness. The Easterlin paradox is a finding in happiness economics formulated in 1974 by Richard Easterlin, then professor of economics at the University of Pennsylvania, and the first economist to study happiness data. [1]
The relationships between gainful employment and quality of life and satisfaction with life suggest that job satisfaction, as its own domain of happiness, is best achieved through gainful employment and is a necessary yet insufficient component of living a fulfilled and happy enough life.
For example, distributing income more equally is usually beneficial for well-being but needs to be balanced against potential negative side effects, such as a decline in productivity. [141] The economics of happiness, a closely related field, focuses specifically on the connection between economic phenomena and individual happiness. [142]
The results of this study concluded that there is a correlation between career satisfaction and life satisfaction. Specifically the researchers found that "a person with high life satisfaction will also experience his or her career and work more positively than a person with lower life satisfaction." [56]
The main premise of this theory is that satisfaction is determined by a discrepancy between what one wants in a job and what one has in a job. Further, the theory states that how much one values a given facet of work (e.g. the degree of autonomy in a position) moderates how satisfied/dissatisfied one becomes when expectations are/are not met.
Economic notions of prosperity often compete or interact negatively with health, happiness, or spiritual notions of prosperity. For example, longer hours of work might result in an increase in certain measures of economic prosperity, but at the expense of driving people away from their preferences for shorter work hours. [2]