Question

In: Economics

Does a country need to be monetarily rich in order to be happy? One country in...

Does a country need to be monetarily rich in order to be happy?

One country in Central America, Costa Rica (the name literally translates to “rich coast”) doesn’t think so. Although its GDP per capita is about $10,000 a year (or one-sixth that of the United States) in 2015 Costa Rica ranked higher than the United States in terms of happiness (12th, according to the World Happiness Report by the Sustainable Development Solutions Network). Costa Ricans have the uplifting national slogan “pura vida,” which means “pure life” and is used in conversation to express optimism and reflect their relaxed lifestyle.

What factors allow Costa Ricans to live happy lives despite their modest incomes? (Need to do a little research for this question. Cite your sources.)

Can a happier nation be a prosperous nation? In other words, is there a trade-off? Or can a nation be both happy and prosperous?

Can (or should) the U.S. adopt a similar cultural, political, and economic shift emphasizing people's well-being (happiness) over GDP growth? How would this shift affect GDP and productivity? Explain your responses. Cite your sources.

Solutions

Expert Solution

Truly. A specific fundamental degree of pay is unquestionably required for the residents of a nation to have a nice existence. Fundamental needs should be satisfied. Notwithstanding, happiness relies upon a large group of variables, money being only one of them. Happiness is dependant on the personal satisfaction that one leads. Living in serene environmental factors encompassed commonly, certainly improves the happiness remainder.

  1. Costa Rica appreciates an advantaged position as a mid-pay nation where residents have adequate extra time and plentiful relational relations.
A mid-pay level permits most residents to fulfill their fundamental needs. Government mediation in the economy guarantees that all Costa Ricans approach instruction, wellbeing, and sustenance administrations.
· A kid experiencing childhood in the Costa Rican field is encircled by the absolute generally lovely and biodiverse scenes on the planet. The legislature of this little Central American nation expects to keep it that way. However, protecting this place where there is tropical rainforests isn't Costa Rica's just achievement.
· The administration guarantees all residents approach medical services and schooling.
· The nation effectively advances harmony around the globe. Homegrown and global harmony has for some time been a need in Costa Rica. In 1948, the nation nullified its military, permitting it to spend more on wellbeing and training.
· Protecting the Landscape-Costa Rica has spearheaded methods of land the board, reforestation, and options in contrast to petroleum products. In a further exertion to make strides toward environmental friendliness, the nation has restricted oil drilling inside its fringes and puts vigorously in sustainable power sources like hydroelectric, wind, and geothermal force, which currently give 95 percent of its energy. The nation has swore to go carbon unbiased by 2021, the time of its bicentennial.
2. Truly, a more joyful country can be a prosperous country. An upbeat country has residents who are hopeful and fulfilled. In this manner, they would will in general be all the more persevering and true. Being glad is typically reflected in the uplifting mentality of the residents towards their nation and the planet, wherein every resident would be roused to run after the advancement of the nation. The inspirational mentality of the residents would make the nation prosperous. Thus, indeed, a country be both cheerful and prosperous.
3. As referenced in the inquiry above, in spite of the fact that its GDP per capita is about $10,000 per year (or one-6th that of the United States) in 2015 Costa Rica positioned higher than the United States regarding happiness (twelfth, as per the World Happiness Report by the Sustainable Development Solutions Network). This implies that a higher per capita GDP has not in a real sense converted into a more significant level of happiness. The US could gain from Costa Rica.
In spite of the fact that the US has been doing admirably regarding guaranteeing a higher per capita GDP, it needs to address different issues that the residents face. Wellbeing concerns emerging out of an unpleasant life should be tended to. At the point when an administration offers need to the prosperity of the individuals, it unquestionably prompts a more uplifting viewpoint of the individuals, who at that point assume a positive part in making the country prosperous.
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