Although studies show that people from rich countries are generally happier than those from poor countries, the same studies indicate that poor people lead more meaningful lives. People from rich countries have more things, which makes them happy, but poor people tend to have stronger relationships.Continue Reading
The Easterlin Paradox proposes that while people in rich countries are not necessarily happier than people in poor countries, a rich person within a country is usually happier than a poor person from the same country.
A Gallup poll found that only one-third of people making less than $35,000 a year are happy, but all of the people making more than $500,000 a year say they are very happy.
Some studies show that the level of happiness is never satiated; a person making $1 million a year is not as happy as a person making $2 million a year.
A study by the Brookings Institution supports the theory that a person cannot be rich enough. Wealth equates to freedom and privilege and gives those who have money the ability to live and work in a number of different places in the world. Wealth also relieves the stress of meeting basic needs, such as food, clothing and shelter, which adds to the happiness quotient.Learn more about Economics
The development gap is a term used for defining the differences between the most and least advanced countries. It is another way of referring to nations that enjoy first, second and third world statuses. It defines how far apart countries are in terms of development, economy and education. The development gap also refers to the hemispheric divide between the north and south.Full Answer >
Qatar, Luxembourg, Singapore, Brunei and Kuwait are the countries with the highest gross domestic product per capita, as of October 2015. China, the United States, India, Japan and Germany are the countries with the largest GDPs overall.Full Answer >
Globalization allows countries to benefit from economic synergy and collaborate in handling political, social and economic challenges. A global economy expands the reach of buyers and sellers for governments and countries. A broader marketplace allows producers to fetch more for their goods, and a global supply network gives public and private entities more buying options.Full Answer >
Free trade means unrestricted, open sale of goods and services between countries. The unrestricted sale of goods means the elimination of trade barriers such as tariffs, duties and quotas. Free trade is usually considered a win for both countries involved, maximizing the economic output of both economies.Full Answer >