Compare the definitions of economics and happiness

Reference no: EM1373449

Question: A traditional definition of economics 'efficient utilization of limited productive resources for the purpose of attaining maximum satisfaction of human material wants.' That is, we try to wisely or effectively use our scarce resources [land, capital, labor and entrepreneurship] to make output [goods and services] in order to attain the highest level of satisfaction (happiness, utility, pleasure, etc.)

In 1963, many months before he was assassinated, a White House reporter ask then President John F. Kennedy what would make him happy. Kennedy replied, I rely on the old Greek proverb, "Happiness is the full utilization of your capacities along lines of excellence."

To what extent are these definitions of economics and happiness similar? To what extent are they different?

Reference no: EM1373449

Questions Cloud

Uncertain effects on us per capita gdp : Peterson has just completed his study from college and is now a junior member of the staff of a United State senator. He has been asked to draft a statement detailing the senator's position on the economic growth implications of immigration

Determine an order size which will minimize the sum of order : determine an order size which will minimize the sum of ordering also carrying costs for every of the six-month periods.

Explain from beginning the supplier-customer relation : xplain from beginning to end the supplier - customer relationship both internally also externally of the organization also why it is important to understand the existence of this relation in producing the final product/service to the ultimate cust..

What ways might these challenges differ : what ways might these challenges differ if the temporary workers have been hired on a temp-to-perm basis rather than on a strictly temporary basis.

Compare the definitions of economics and happiness : A traditional definition of economics 'efficient utilization of limited productive resources for the purpose of attaining maximum satisfaction of human material wants.'

Describes how an operations strategy can be implemented : Why is the idea of a ‘line of fit' such a useful concept in explaining describes how an operations strategy can be implemented successfully.

Elucidate what the upper also lower control limits : the sampling results say to do so when the machine is actually functioning properly, Elucidate what the upper also lower control limits should be on this chart.

How would t- balance sheet look like for bank : How the Balance Sheet for Bank Z would look like after it loans out its Money to Mr. Chansa and suppose Mr. Chansa Deposit his Money into Bank-B, How would the T- Balance sheet look like for Bank- B

Determine the freezing point depression : The freezing point of 20.024 grams of distilled water was determined by recording a thermo gram. 1.006g of an unknown, no electrolyte compound was added to the water also a second thermo gram was recorded to determine the freezing point of the sol..

User Account

All Pages