ECONOMY OF HAPPINESS: MEASURING THE IMPACT OF INCOME LEVEL ON SUBJECTIVE WELL-BEING

The article is devoted to the analysis of the relationship between income level and subjective well-being within the framework of happiness economics. Key theoretical concepts are considered, including the absolute and relative income hypothesis, as well as the Easterlin paradox. Empirical data on the impact of income on happiness in the short and long term are analyzed. Particular attention is paid to the phenomenon of the saturation threshold, social comparison and the impact of economic inequality. Alternative factors of well-being, such as social connections, health and quality of life, are studied. A conclusion is made about the need to include indicators of subjective well-being in the system of economic policy and assessment of sustainable development.