Income and Happiness
Easterlin Paradox in Colombia
DOI:
https://doi.org/10.30854/anf.v28.n50.2021.696Keywords:
Economics of happiness; Easterlin paradox; Proportional odds model; Income; Colombia.Abstract
Objective: this research aims to verify the relationship between income and happiness in Colombia, with special emphasis on the linearity of this relationship known in literature as the "Easterlin paradox". Methodology: based on data from Quality of Life Survey of 2017, it was investigated into whether the Colombian population conforms to the paradox, that is, whether monetary income positively influences the subjective well-being revealed. Results: the proposed proportional odds model shows that income is a determining variable of happiness, but it is secondary to others such as the perception of well-being in health, safety and work. These results coincide with those raised in the paradox, and challenge development plans in which a comprehensive context of well-being increases the quality of life of the inhabitants. Conclusions: the happiness revealed by individuals is subjective in nature, therefore, it may be influenced by conjunctural aspects at the time of the survey.Downloads
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