Beyond GDP: A Triple Helix Framework for a Happiness Economy

Abstract

Researchers in economics and other social sciences have long recognized the drawbacks of using Gross Domestic Product (GDP) to gauge economic welfare and the potential hazards of macroeconomic policies to promote economic development. Since the early 1970s, alternative methods for policy-making have been created and supported, and many nations have developed frameworks for evaluating different dimensions of well-being and happiness to better understand people’s lives on an individual and societal level. This study is one of the first attempts to recognize nations that have shifted their focus from traditional economic measures like GDP to embrace the happiness or well-being economy model. It aims to identify the variables that will help build a happiness-based economy and develop strategies for nations to adopt a universal happiness framework. A triple-helix framework, including the government, international organizations, and academia was suggested to create strategies for the nations based on interviews with professionals. The research paves the way for further exploration and investigation in this field.