Richard A. Easterlin, ‘Father of Happiness Economics,’ Dies at 98
Published On Jan 2, 2025, 2:30 PM
Richard Easterlin, a prominent economist known for his work on happiness economics, passed away at the age of 98. He introduced the Easterlin paradox, which posits that economic growth does not necessarily equate to increased happiness for individuals. His research indicated that despite rising incomes in the U.S. since World War II, public happiness did not show significant improvement. Easterlin's insights have challenged long-held beliefs about the relationship between economic prosperity and personal well-being.
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Easterlin's theories suggest a potential shift in investment focus towards companies and sectors that promote well-being or sustainable practices, as conventional economic growth indicators may become less important in the long term. Consequently, sectors that emphasize social responsibility, mental health, or community well-being could see increased investment flows.
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