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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMoney actually does buy happiness
By Derrick Thompson,
Americans have a peculiar conviction that the one thing money cant give us is satisfaction. You cant buy happiness, weve all been told. Mo Money Mo Problems, Biggie concurred. And while we can all agree that desperate poverty is hideous, there is a broadly held view that after a certain level of income (around $75,000, say), more money doesnt buy more well-being.
But its just not so. Economists Betsey Stevenson and Justin Wolfers have been arguing for years that, yes, richer families tend to be happier, and no, there is not an automatic cut-off point. In other words: Mo money, fewer problems.
Their elegant and straightforward new paper can be nicely summed up in the two graphs below. The first graph looks at income groups within countries. In all nations surveyed, richer households reported more life satisfaction. (Statistical note: This graph is logarithmic. That means doubling your income from $1,000 to $2,000 raises satisfaction by the same amount as doubling your income from $10,000 to $20,000. You can imagine why this might make a good theoretical case for income redistribution.)
The next graph compares different countries, rather than different households within countries. Here, each circle represents a nation, with the richest ones clustered on the right. If extra income didnt matter for well-being, youd expect the line to flatten. Instead, it steepens. More money doesnt just mean happier families. It means happier countries.
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http://qz.com/79725/money-actually-does-buy-happiness/
Katashi_itto
(10,175 posts)Savannahmann
(3,891 posts)It may not buy love, but it can rent it for a while.
Katashi_itto
(10,175 posts)geek tragedy
(68,868 posts)looking in the mirror.
Marrah_G
(28,581 posts)It's hard to stay chipper and positive when you are constantly struggling to survive.
geek tragedy
(68,868 posts)SheilaT
(23,156 posts)As you posted, money can't guarantee happiness. It's hard to be cheerful when you're constantly struggling to make ends meet.
geek tragedy
(68,868 posts)and can think about getting and doing stuff they actually want, life does get more enjoyable. It's just amazing how that works.
SheilaT
(23,156 posts)at various times in my life, although I've always been able to at least pay my bills and buy food, even when there was nothing left over. I've also been semi-affluent, where there's been enough extra to have various luxuries, go on vacation, and so on. I know for sure which one is better.
graham4anything
(11,464 posts)And back in older days, they didn't have the whine to partake in that is available now.
Inner peace is not bought and sold. Neither is love, or like.
DavidDvorkin
(19,475 posts)CJCRANE
(18,184 posts)That's anecdotal of course, but that's usually been the case in my experience.
Bigmack
(8,020 posts)... but it can put a firm down payment on it.
d_r
(6,907 posts)but it can rent it
Johonny
(20,841 posts)ohiosmith
(24,262 posts)niyad
(113,288 posts)where to shop"
Scuba
(53,475 posts)... a new one, it's stressful.
Duh.
Taverner
(55,476 posts)Think Maslow's hierarchy of needs.
Iggo
(47,552 posts)You just gotta know where to shop!