Panel Data Evidences on Factors Associated with Happiness in the Context of Society 5.0

Abstract

A rational economic person desires to achieve happiness by acting for his or her own benefit. Therefore, the key of human happiness is in the sense of pleasure and satisfaction. The concept of happiness, which has been emphasized more over time, has also started to be discussed frequently in economic terms. The economics of happiness at the focus of these discussions was built on an economy model based on society and nature. It is possible to mention many socioeconomic factors that add value to life and create happiness. Factors such as a clean environment, a good income level, relationships based on trust, healthy and quality life can be described as the causes of happiness. Today, a new social process is mentioned and happiness takes attention as well as technological developments in this society. This study has aimed to investigate the factors associated with happiness in the context of Society 5.0, using the panel data analysis method for 8 OECD countries between the years 2007-2019. In the study, it has been found that there is a statistically significant and positive relationship between GDP per capita and happiness. In addition, it was found that there is a statistically significant and positive relationship between human capital and happiness. It has been determined that there is a significant and positive relationship between renewable energy consumption and happiness. The happiness index, which is the dependent variable in the study, is explained by all other independent variables at the rate of 89 %.