Factors determining the happiness in the light of OECD Better Life Index and Legatum Prosperity Index

Abstract

The scope of this article is to examine connections between different determinants of welfare and happiness. It can be concluded that the factors which are least associated with happiness are safety and education. This is confirmed by the results of research conducted using data from OECD Better Life Index and Legatum Prosperity Index. The most important determinants of happiness tend to be labor market and health (according to OECD data) and economy, social capital and governance (Legatum data). The level of income, contrary to assumptions, does not affect happiness stronger in the relatively poorer countries than it does in wealthier countries.