THE EASTERLIN PARADOX IN ASEAN: WELFARE AND ECONOMIC GROWTH
Keywords:
Happiness, GDP per capita, Unemployment, Dependency Ratio, Human Development Index, SYS-GMM
Abstract
Achieving a prosperous condition is a final goal that the state wants to achieve. Welfare is a benchmark in assessing the progress of a country. Therefore, the objective of the article is to analyze the Economic Welfare in ASEAN countries. Gross Domestic Product (GDP) is currently used to quantify welfare objectively. However, happiness as subjective measure of well-being is used in this research. The System Generalized Method of Moments (SYS-GMM) is used to determine the elements that influence welfare in ASEAN. The data included the human development index, GDP per capita, unemployment rate, happiness index, and dependency ratio for the nine ASEAN countries between 2006 and 2023. Both the dependency ratio and GDP per capita significantly and favorably impact the happiness index. Given that GDP per capita has a positive impact on happiness, the Easterlin Paradox theory of happiness is applicable in ASEAN. Nevertheless, the happiness index is unaffected by the Human Development Index and unemployment. In order to achieve inclusive prosperity, ASEAN governments must, among other things, strengthen and expand regional collaboration in ASEAN's major industries and in the areas of technology, health, and education.
References
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Easterlin, R. A. (2015). Happiness and economic growth – the evidence. Global Handbook of Quality of Life: Exploration of Well-Being of Nations and
Continents, 7187, 283–299. https://doi.org/10.1007/978-94-017-9178-6_12
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Easterlin, R. A. (2023). Why does happiness respond differently to an increase vs. decrease in income? Journal of Economic Behavior and Organization, 209, 200–204. https://doi.org/10.1016/j.jebo.2023.03.005
Easterlin, R. A., McVey, L. A., Switek, M., Sawangfa, O., & Zweig, J. S. (2010). The happiness–income paradox revisited. Proceedings of the National Academy of Sciences, 107(52), 22463–22468. https://doi.org/10.1073/pnas.1015962107
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Georgescu, I., Kinnunen, J., Androniceanu, A., & Androniceanu, A.-M. (2020). A Computational Approach to Economic Inequality, Happiness and Human Development. Informatica Economica, 24(4), 16–28. https://doi.org/10.24818/issn14531305/24.4.2020.02
Giansyah, R. W., Sambodo, H., & Binardjo, G. (2024). Happiness Index in ASEAN-9 2015-2021: Macroeconomic and Demographic Perspectives. Economics Development Analysis Journal, 12(4), 537–547. https://journal.unnes.ac.id/sju/edaj/article/view/75512
Hanafi, I., & Salsabilla, S. A. (2024). The association between human development and citizen happiness in Indonesia: Study at 34 Provinces of Indonesia. Gema Wiralodra, 15(1), 263–274. https://doi.org/10.31943/gw.v15i1.633
Hansen, L. peter. (1982). Large Sample Properties of Generalized Method of Moments Estimators Author(s): Lars Peter Hansen Source: Econometrica, 50(4), 1029–1054. http://www.jstor.org/stable/1912775 .
Hastings, O. P., & Roeser, K. K. (2020). Happiness in hard times: Does religion buffer the negative effect of unemployment on happiness? Social Forces, 99(2), 447–473. https://doi.org/10.1093/sf/soaa018
Jannani, A., Sael, N., & Benabbou, F. (2023). Machine learning for the analysis of quality of life using the World Happiness Index and Human Development Indicators. Mathematical Modeling and Computing, 10(2), 534–546. https://doi.org/10.23939/mmc2023.02.534
Killingsworth, M. A. (2021). Experienced well-being rises with income, even above $75,000 per year. Proceedings of the National Academy of Sciences, 118(4), e2016976118. https://doi.org/10.1073/pnas.2016976118
Külekçi, İ. (2024). Pursuit of Happiness in Consumer Society: A Study on OECD Countries and Türkiye. BDDK Bankacılık ve Finansal Piyasalar Dergisi,
18(1), 60–71. https://doi.org/10.46520/bddkdergisi.1525915
Kuzu, S., Atay, S. E., & Gerçek, M. (2019). The analysis of unemployment, happiness and demographic factors using log-linear models. International Journal of Economics and Business Research, 17(1), 87–105. https://doi.org/10.1504/IJEBR.2019.096588
Lakshmanasamy, T., & Maya, K. (2020). Is It Income Adaptation or Social Comparison? The Effect of Relative Income on Happiness and the Easterlin Paradox in India. The Indian Economic Journal, 68(4), 477–495. https://doi.org/10.1177/0019466220987025
Lelkes, O. (2006). Tasting freedom: Happiness, religion and economic transition. Journal of Economic Behavior and Organization, 59(2), 173–194. https://doi.org/10.1016/j.jebo.2004.03.016
Lestari, D. M., Muslim, A., Furwanti, R., & Solikhin, I. (2022). Do Poverty and Human Development Index Influence Happiness? Evidence from Indonesia through Islamic Studies Approach. El-Jizya: Jurnal Ekonomi Islam, 10(1), 21–32. https://doi.org/10.24090/ej.v10i1.6017
Liao, T. F. (2021). Income Inequality, Social Comparison, and Happiness in the United States. Socius: Sociological Research for a Dynamic World, 7, 1–17. https://doi.org/10.1177/2378023120985648
Lim, H. (2019). Revisiting the Easterlin Paradox: What Can We Learn From it? Journal of Economics and Sustainability (JES), 1(1), 22–30. https://e- journal.uum.edu.my/index.php/jes/article/view/12534
Lin, F., Lv, Y., Yang, H., & Li, Y. (2024). Exploring the welfare effects of RCEP—A quantitative analysis based on a structural model. Digital Economy and Sustainable Development, 2(1), 2–19. https://doi.org/10.1007/s44265- 023-00025-y
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Liu, Q. (2024). Factors Affecting the Happiness Index. Interdisciplinary Humanities and Communication Studies, 1(5), 1–3. https://doi.org/10.61173/b9b67x29
Longhi, S., Nandi, A., Bryan, M., Connolly, S., & Gedikli, C. (2024). Life satisfaction and unemployment—The role of gender attitudes and work identity. Scottish Journal of Political Economy, 71(2), 219–236. https://doi.org/10.1111/sjpe.12366
Marquez, J., Casas, F., Taylor, L., & De Neve, J.-E. (2024). Economic Development and Adolescent Wellbeing in 139 Countries. Child Indicators Research, 17(4), 1405–1442. https://doi.org/10.1007/s12187-024-10131-8
Murat, D., & Gursakal, S. (2015). Determining The Relationship Between Happiness and Human Development: Multivariate Statistical Approach. Alphanumeric Journal, 3(1), 67–80. https://doi.org/10.17093/aj.2015.3.1.5000117555
Mureşan, G. M. (2020). Money and Happiness: A Conceptual Integration. Annales Universitatis Apulensis Series Oeconomica, 22(1), 57–65. https://doi.org/10.29302/oeconomica.2019.22.1.5
Nazneen, A., Bhalla, P., Qazi, S., & Kaur, J. (2024). Integrated web of youth happiness measures. International Journal of Data and Network Science, 8(2), 1085–1098. https://doi.org/10.5267/j.ijdns.2023.11.025
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Published
2025/10/14
Section
Original Scientific Paper
