What We’ve Learned About Money and Happiness
Economist Richard Easterlin died several weeks ago. During 1974, as a scholar at the University of Pennsylvania, he published the benchmark study on money and happiness. He lived long enough to see his conclusions challenged and to defend them.Long ago, Dr. Easterlin told us that once our basic needs are satisfied, more income beyond $75,000 brings no more happiness: More recently, he further explained “Even though I’m happier because my income is higher, I’m less happy because everyone else is going up too…So the result is, because of social comparison, people fail to enjoy improvement in income as a source of happiness.” ….[READ]
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