Happinessi = f(Leisurei, Valued consumptioni) + α Rankí + ß Outputí At the level of the whole society ∑ Ranki is constant, so we want α to be as small as possible, otherwise the quest for rank will lead to fruitless reduction of leisure. In contrast, we want ß to be as large as possible, so that people will work to produce output (as well as to get paid) and will obtain direct happiness from doing so.
Mathematical equation for happiness.
