Question

Is economics try to measure our happiness in cardinal sense and is it possible?

Answer 1

Cardinal measurement of happiness or satisfaction in Economics,is an arbitrary mathematical estimation of consumer/buyer satisfaction or utility level obtained from consumption of a particular amount of any good or service.

Explanation:

• In Microeconomics,cardinal utility basically advocates that the consumer or buyer satisfaction or utility obtained from consumption can be mathematically estimable and hence,assigned specific numerical values.
• Cardinal measurement of consumer utility basically assumes that consumer obtains certain level or units of satisfaction or utility as he or she consumes any particular product or service.Therefore,any utility or satisfaction obtained by consumers or buyers can be numerically quantifiable.
• Hence,advocates of cardinal utility theory proposes any consumer or buyer basically obtains a certain mathematical or numerical units of utility or satisfaction from the consumption of various goods and services such as 10 units,50 units,70 units,100 units and so on.As consumer satisfaction from purchase increases,the mathematical units of utility also rises simultaneously.
• In Microeconomics,cardinal estimation of consumer satisfaction or utility is basically a tool or instrument to better understand consumer or buyer behavior.

Answer 2

Answer:

Hey mate here is ur answer

In the past decades, a great interest has emerged in understanding the nature of people’s well-being beyond consumption opportunities. It is widely believed that happiness research based on self-reports on people’s satisfaction with life has made a significant contribution to this understanding. The growing numbers of happiness studies provoke the question whether, and eventually how, public economists should include well-being considerations into policy analysis. Aiming to contribute in answering this question, this review paper provides a survey of the general happiness conception, the formative steps of happiness research, and its relationship to the economic concepts of ordinal and cardinal utility. We furthermore describe the pitfalls of conventional utility approaches and find that both the ordinal and the cardinal approaches have shortcomings which are not shared by happiness measurements. One advantage is that self-reports on well-being reflect the consequences of people’s choices in terms of the well-being they eventually experience. Externalities, as well as the effects of bounded rationality, are inherently taken account of when using happiness measurements for the evaluation of public policies. While it is not entirely clear yet how evidence from happiness research is to be used towards enlightening policy makers, the answer will certainly depend on the policy field under consideration. In general, happiness research may make two major inroads: it may help to discover which conditions foster people’s well-being, besides the goods and services provided by the market; it may also help to develop a realistic conception of man, thus facilitating an adequate modeling of multiple-goal and potentially bounded rational real-life actors in policy impact analysis.

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