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.Know More
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
Mercantilism, or mercantile system, is a political economic system whereby countries restrict imports and encourage exports. The rationale is to balance foreign trade in such a way that would increase revenue without negatively impacting domestic employment.Full Answer >
"Development administration" refers to the administration of policies, programs and projects that contribute to the development of a nation and have significant sociopolitical and socioeconomic impact on the countries involved. It is performed by bureaucrats who are talented and highly experienced. Development administration models are driven by the desire for change. Most development functions have specific objectives, and planning for both resources and time is crucial to the model.Full Answer >
In October 2014, the U.S. government owed more than $1.2 trillion to both mainland China and Japan, $348 billion to Belgium and hundreds of billions of dollars to dozens of other countries. The government also owes money to the United States itself because it must repay government bonds that Americans bought.Full Answer >
Protectionism can promote the growth of burgeoning industries in developing countries, but it also leads to overall higher prices and reduced innovation. Government officials often implement measures of protectionism to assist the interests that keep them in office or to grow the public treasury. In general, all members of the global market benefit more from free-trade policies than from protectionism.Full Answer >