March 20th has been marked as the International Day of Happiness since 2012.The day, established by the United Nation's General Assembly,is a recognition that the pursuit of happiness is a fundamental human goal.The latest UN report on global happiness dates back to 2013 when it was stated that Denmark was the happiest country in the world.Of the ten happiest countries at the time, all were in the developed world.Over the years, the study on happiness has attracted many scholars;not only psychologists and sociologists, but people from other fields as well.Yew Kwang Ng, a 72-year-old economist at Nanyang Technological University in Singapore, is one of them.His first paper on happiness was published in 1978.So, what is happiness in the eyes of an economist?What are the misunderstandings that we usually have with regard to happiness?