ABSTRACT
A recent development in economics is the study of personal happiness. Penec (2008) argues that although Western economies have grown since the 1950s, there has been no parallel growth in happiness. Surveys indicate that rich people generally say they are happier than poor people, but this does not transfer to the whole society. One explanation is that people soon become accustomed to gains and so do not appreciate them. It also seems likely that GDP measurement ignores significant social and environmental factors which affect personal well-being.
