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Sriram Balasubramanian and Mr. Paul Cashin
This paper examines the origins and use of the concept of Gross National Happiness (or subjective well-being) in the Kingdom of Bhutan, and the relationship between measured well-being and macroeconomic indicators. While there are only a few national surveys of Gross National Happiness in Bhutan, the concept has been used to guide public policymaking for the country’s various Five-Year Plans. Consistent with the Easterlin Paradox, available evidence indicates that Bhutan’s rapid increase in national income is only weakly associated with increases in measured levels of well-being. It will be important for Bhutan to undertake more frequent Gross National Happiness surveys and evaluations, to better build evidence for comovement of well-being and macroeconomic concepts such as real national income.
Sriram Balasubramanian and Mr. Paul Cashin

construction, mostly related to the building of hydro-related dams (see Figure 4 ). VI. Evaluating Comovement of GNH and GDP An objective of this paper is to analyze if there is some comovement or causality between GNH and GDP as the two key well-being and macroeconomic measures for Bhutan. This is important as GNH objectives were and are used to guide public policymaking and the allocation of public resources that help to sustain GDP growth. In turn, these increases in real per capita income accompanied improvements in GNH as measured in three discrete GNH