THE ROLE OF MACRO ECONOMIC FACTORS IN SHAPING HAPPINESS IN WESTERN EUROPE
DOI:
https://doi.org/10.29121/shodhkosh.v5.i5.2024.3469Keywords:
Gross Domestic Product, Per Capita Gross Domestic Product, Happiness Index, Western European CountriesAbstract [English]
The present study examines the correlation between macroeconomic variables, specifically Gross Domestic Product (GDP) and Per Capita GDP, and their impact on happiness levels as measured by the Western European Happiness Index. The study uses statistical methods like ANOVA, multiple regression, and variance inflation factor (VIF) analysis to examine data from Western European countries. The results indicate a statistically significant negative association between GDP and the Happiness Index, but there is a positive but statistically insignificant positive association between per capita GDP and Happiness index. According to the study, GDP has a major impact on happiness levels, while per capita GDP has a little impact. By concentrating on macroeconomic determinants in a continental context, this study bridges research gap to an extent and provides guidance for policymakers looking to improve national happiness.
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Copyright (c) 2024 Dr. Maulik Dave, Dr. Tejas Dave, Dr. Ashwin Parwani, Dr. Ashish Rami
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