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Searching for the sources of economic growth and stimulating economic activity of people, especially the youth, in the context of a transition to a new technological mode in modern Russia are the main priorities for economic science. Encouraging economic activity under new conditions is associated with a search for novel sources and direction for implementation. From this standpoint, economic policy is of special importance since it ensures welfare and other aspects of happiness as an economic phenomenon. The article focuses on the economic category of happiness, as well as the issues of objective and subjective assessments of happiness by the young audience. The purpose of the paper is to examine the economic phenomenon of happiness from the perspective of subjective assessments of the younger generation and to identify general objective factors and conditions that determine happiness. The authors apply the quantitative and qualitative methods of statistical analysis: time series, the ranking method, rank correlation, correlation and regression analysis and econometric modeling. We rank socio-economic factors, material wealth and conditions that create happiness, study subjective opinions of young people about happiness, and establish general objective factors and conditions of happiness of the younger generation. The authors also reveal that material conditions and socio-psychological factors are the elements of a single system which, when interacting, produce a synergy effect generating a qualitatively new motivation for enhancing economic activity that ensures effective self-realization, especially among young people. INTRODUCTION There are two main reasons behind the relevance of the paper’s subject matter. The first one is associated with the search for new economic growth factors, or activation of the known ones (but yet underestimated), in the context of the sixth technological mode, the core factors of which include: nanotechnologies, stem cells and methods of genetic engineering, alternative energy, etc. The second reason is linked with the necessity to form an effective motivational environment for the younger generation under abrupt structural shifts in economy. With a high degree of reliability, we can assert that research studies in the field of happiness economics can provide the required motivational environment in the conditions of new technological changes in society. This thesis is confirmed by the fact that many leading scientists, including three Nobel laureates in economics – Joseph Stiglitz, Daniel Kahneman and George Akerlof, express their interest in this sphere of economic theory. They regard happiness as an economic category that mirrors a balanced combination of material wealth, social equilibrium, physical health and time [11; 13; 14; 17]. The purpose of the article is to investigate the economic category of happiness from the standpoint of subjective evaluations of the younger generation and identify the subjective factors and conditions that determine happiness. To achieve the stated goal, the following tasks should be performed: 1) to evaluate the ratio between the objective and the subjective in the formation of happiness; 2) to study subjective assessments of happiness by young people and identify general objective factors and conditions for happiness of the younger generation; 3) to establish the avenues for using the obtained results to form the motivational environment of young people (aged 18–23) in terms of economic activity. HAPPINESS AS AN ECONOMIC CATEGORY: THE OBJECTIVE AND THE SUBJECTIVE There are numerous publications on happiness that seek to reveal the happiness-forming factors and classify them into economic and non-economic. Many researchers argue that these factors include income, health, social status, marital status, rights and political freedom [9; 10; 16]. For instance, according to Jeffrey Sachs, an American economist from Columbia University who was a co-editor of the World Happiness Report, happiness is an important category that can be clearly assessed [15]. Keywords

Happiness Economics: The Role, Opinions and Evaluations by Young People