[Book Sip] 'Being Materially Wealthy Does Not Necessarily Mean Being Happy'

Some sentences encapsulate the entire content of the book itself, while others instantly reach the reader's heart, creating a connection with the book. We introduce such meaningful sentences excerpted from the book. - Editor's note

Do wealthy countries also have happy citizens? The author emphasizes that economic growth increasing a nation's wealth does not necessarily mean that the happiness and quality of life of its people increase proportionally; qualitative changes in the socio-structural environment must accompany it for a country to be truly happy.

Expanding and analyzing the OECD happiness index, the author, who stressed the importance of both growth and distribution for the happiness and quality of life of citizens, proposes a concrete method to realize this: the Gross National Happiness & Product (GNHP). The book also explores the essence of 'happiness' and 'quality of life,' which economics has not fully captured, and investigates the conditions of a happy country that have been forgotten amid economic prosperity.

Happiness is a comprehensive concept. It includes desires such as owning a better house or car, deficiency needs that cause discomfort if unmet?like thirst or stress relief?that we usually do not appreciate but must satisfy, the exhilaration gained from striving toward goals and ideals, life satisfaction evaluating how valuable one's life has been, and even adherence to values and norms that respect the well-being of others. According to indices evaluated by reputable international organizations such as WEF, IMD, and ITU, South Korea ranks quite high in national competitiveness but falls into the lowest tier in happiness, inequality, and social capital. _ From the Prologue

Many people think, "I wish I had more money." Money is an important means to maintain a dignified quality of life as a human being. But does having more money truly make one happier? In 1974, economist Richard Easterlin analyzed data from some major countries in the 1960s and concluded with what is now known as the Easterlin Paradox: "Being materially wealthy does not necessarily mean being happy." This paradox became the foundation for the birth of happiness economics. _ p.59

International organizations such as the UN, OECD, and EU also publish happiness indices. Their purpose is to raise awareness among citizens of each country about the importance of happiness and to mainstream the issue. Representative examples include the UN's Human Development Index (HDI), composed of the three elements of quality of life: health, education, and income; the broader OECD Better Life Index (BLI); the EU's European Quality of Life Index (EQoL), which influenced the BLI; and the UN's World Happiness Report (WHR), which emphasizes social capital. _ p.88

Wealthy Economy, Poor Happiness | Written by Inaechan | Idabooks | 352 pages | 17,000 KRW

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