“…This finding suggests that short term indicators of economic development, for instance, annual GDP growth, are more important in explaining life satisfaction than are long term indicators, for instance, GDP per capita. Although the positive effect of economic factors such as annual GDP growth is not in line with the Easterlin paradox (Easterlin, McVey, Switek, Sawangfa, & Zweig, ), it is in line with the results of previous studies on post‐communist countries (Gruen & Klasen, ; Habibov et al, ; Selezneva, ). Thus, economic development can a priori be more important for the less developed post‐communist countries, where objective indicators such as annual GDP growth are more important in explaining subjective wellbeing (Djankova et al, ; Guriev & Zhuravskaya, ; Habibov & Afandi, ).…”