Economics usually measures happiness with a mechanical approach. Just as in thermodynamics, we are beings converting energy into work – so logic dictates that the happiest beings are the ones who can spend less energy and create more work.
In other words, the less energy you spend and the more work you get done, the happier you are. Translating work into money, we can argue that the more money you make, from each individual unit of energy spent, the happier you are.
In general, the more money one has the happier that person is. But measuring economic growth by itself does not correlate to the general population’s happiness. The key metric is, of course, how much money does everyone have.
It may interest you to know there is a branch of economic study known as "thermoeconomics" which is associated with points made in your(?) article.
Thermoeconomists maintain that human economic systems can be modeled as thermodynamic systems. Thermoeconomists argue that economic systems always involve matter, energy, entropy, and information.[3] Then, based on this premise, theoretical economic analogs of the first and second laws of thermodynamics are developed.[4]
Moreover, many economic activities result in the formation of structures. Thermoeconomics applies the statistical mechanics of non-equilibrium thermodynamics to model these activities.[1] In thermodynamic terminology, human economic activity may be described as a dissipative system, which flourishes by consuming free energy in transformations and exchange of resources, goods, and services.[5][6]
https://en.wikipedia.org/wiki/ThermoeconomicsBoth keynes and hayek are commonly cited on the topic of applying analytical frameworks to economic discussions. It is possible both keynes and hayek stances can be improved on through the utilization of thermoeconomics and less nuanced contextual approaches, which are more scientific in nature. Exchange and transmission of energy draws many parallels to exchange and transmission of money. Centuries of history and commonly held views about finance, economics and money function could be blindly to a degree. What could be required here is a different perspective which advances towards eliminating the ages old misconceptions people have about money that are blinding and prevent us from seeing things clearly.
