There’s more to happiness than “jobs and growth” – fortunately
You might have missed the memo, but in June 2016 the OECD committed itself “to redefine the growth narrative to put people’s well-being at the center of governments’ efforts”.
The UN and OECD have undertaken much research on what makes people happy and have identified seven main factors found to support happiness: caring, freedom, generosity, honesty, health, income and good governance. Notice, only one of these is directly economically related. It turns out that social foundations are more important for happiness. That’s great news – because happiness is not dependent on infinite growth on our finite planet.
The fifth annual World Happiness Report has just been published. It finds that Norway, Denmark, Iceland, Switzerland and Finland are the happiest countries in the word. Note to Australia:
Norway moves to the top of the ranking despite weaker oil prices. It is sometimes said that Norway achieves and maintains its high happiness not because of its oil wealth, but in spite of it. By choosing to produce its oil slowly, and investing the proceeds for the future rather than spending them in the present, Norway has insulated itself from the boom and bust cycle of many other resource-rich economies. To do this successfully requires high levels of mutual trust, shared purpose, generosity and good governance, all factors that help to keep Norway and other top countries where they are in the happiness rankings.
New Zealand and Australia rank 8th and 9th respectively – out of 155 countries. (Before my Kiwi friends start emailing, the difference between the two is within the margin of error.)
Other broad findings:
- People in China are no happier than 25 years ago – notwithstanding a significant increase in wealth
- Much of Africa is struggling
- Happiness is falling in the USA
When was the last time you heard an Australian politician talking about increasing happiness?