Gross Domestic Product and Gross Domestic Happiness: A Review of Asian Economic Development Models

Abstract

Comparative analysis of Gross Domestic Product (GDP) and Gross Domestic Happiness (GDH) is a strategic approach towards adding value to international economic modeling. This paper is an innovation in economic thought and will discuss the concept of Gross Domestic Product and gross domestic happiness. It will present and analyze Flying Geese Model (FGM) of Asian economic development models developed by Japanese scholar, Kaname Akamatsu in 1930s as a key contributor to Asian Economic Miracle. The paper will outline the critiques GDP and analyze important variables of GDP and GDH. One key innovation in the paper is the discussion of morality and economy as a strategic Asian Economic Model, looking at Confucian capitalism. The paper analyzed data, using ordinary least square (OLS) on Gross Domestic Happiness variables of World Happiness indicators on Japan. The results depicts that GDP leads to higher happiness among citizens of the country, meaning that individuals become happier as their national economies grow. However, from the findings, the study concludes that GDP growth increases happiness over time but not always and weakly as the outcome of the results are positive, negative, significant and insignificant. The paper concluded that Asian development models are strategic deviation from conventional economic models and that Gross Domestic Happiness originated in Asian are the components of Asian Economic Models. The paper recommends Asia economic development models to African countries and other developing countries that are aspiring for rapid economic growth and development.



Author Information
Ogbonna Samuel Onyeisi, Enugu State University of Science and Technology, Nigeria

Paper Information
Conference: ACAS2021
Stream: Japanese Studies

This paper is part of the ACAS2021 Conference Proceedings (View)
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