Happiness Function!

One of the interesting recent research in Economics is to forecast happiness function of individuals...
Economists seem to want quantify EVERYTHING in this world... They must be crazy!
This research which has been conducted by one of our professors had interesting results...
Based on empirical results happiness of individuals in UK has been decreased over last 30 years ... this contradicts the capitalism assumption that by converging markets to the perfect competition would increase utility of individuals in consequence.
One of the claims is due to this fact that individuals should be more efficient compare to 30 years ago...
so they face to insecure job market, high competition and mass production living style...
Do you really think the reasons justifies this contradicts?

Isn't something missing...?