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The fact is, the richer you are, the happier you are (But We know that money doesn’t buy happiness)
The Telegraph ^ | 02/06/2013 | By Allister Heath

Posted on 02/06/2013 6:26:42 AM PST by SeekAndFind

For years, many economists agreed, arguing that economic growth doesn’t generate more well-being for ordinary folk, a conclusion which came to be known as Richard Easterlin’s paradox, after the academic who first described it in the 1970s. Yet it turns out that once again the economics establishment got it spectacularly wrong.

Economic growth – and the higher gross domestic product (GDP) per person and improved wages that usually accompany it – does actually improve happiness and well-being, according to several recent papers by top economists, drawing on far more data than their predecessors ever had access to and using novel statistical techniques.

The truth, it turns out, is that the aspiring classes were right all along. The richer we are, the happier we are. It’s (almost) that simple, and the evidence is now overwhelming.

One especially brilliant piece of research – by Daniel Sacks, Betsey Stevenson and Justin Wolfers, all US academics – demonstrates that happiness improves as incomes rise. The paper shows that richer citizens report higher well-being than their poorer compatriots, at any given point as well as over time; that people in richer countries are happier than those in poorer countries; and that GDP growth boosts well-being. Most remarkably of all, there is no maximum wealth threshold at which point higher incomes cease to boost well-being: quite simply, the richer, the better, with no upper limit.

These findings are confirmed by an excellent paper from Ruut Veenhoven and Floris Vergunst. Using statistics compiled as part of the World Database of Happiness (yes, there is such a thing), they discover a positive relationship between GDP growth and improving happiness. GDP and happiness have gone up in most countries, and average happiness has risen more in nations where the economy has grown the most.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Society
KEYWORDS: happniness; rich; wealth
A rich relative once told me:

"I've been poor and I've been rich, believe me, rich is better."

1 posted on 02/06/2013 6:26:53 AM PST by SeekAndFind
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To: SeekAndFind

..can’t buy happiness, but can rent a lot of fun.


2 posted on 02/06/2013 6:31:44 AM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Doogle

...reminds me of the Rabbi and the ham sandwich...*grins*


3 posted on 02/06/2013 6:32:53 AM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: SeekAndFind

Money can’t buy happiness but it can sure make the down payment. I’d like to see if that’s true.


4 posted on 02/06/2013 6:34:49 AM PST by bgill
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To: SeekAndFind

it can’t buy happiness but it doesn’t hurt

it can buy misery and self-destruction too


5 posted on 02/06/2013 6:35:40 AM PST by GeronL (http://asspos.blogspot.com)
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To: SeekAndFind

Happiness buys riches.


6 posted on 02/06/2013 6:35:52 AM PST by Half Vast Conspiracy (Based on a letter from an 8 year old…school is now illegal…”cuz it’s yuckey and dumb".)
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To: SeekAndFind

On average this may be true but happiness really is an inside job to a large extent. Once you get above poverty and can support yourself, I don’t know if its true that “rich” strongly correlates to “happy.” I know a lot of driven rich people who are rich because they are never happy with what they have. For most people, once they achieve a certain level of income, they relax and live life a little. This is no knock on rich people — I respect them and admire their accomplishments (unless they were handed their money like that fat drunken murderer Kennedy). Its just that you can’t assume that the rich are able to be content in the same way a middle class person is.


7 posted on 02/06/2013 6:35:58 AM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: SeekAndFind

The term “Money can’t buy happiness” is usually used by losers or people born into wealth. Earning it and having fun with it is the way to go. Very fun! Sharing it with loved ones is satisfying and fun!

Obama is attempting to take that “fun” away from the earners and the people born into it. The earners will know how to deal with less since they probably already have at one point. The others will be lost.


8 posted on 02/06/2013 6:38:27 AM PST by albie
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To: SeekAndFind

I don’t buy it.

Wealth is more hassle than its worth to me.


9 posted on 02/06/2013 6:38:51 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: SeekAndFind
A rich relative once told me: "I've been poor and I've been rich, believe me, rich is better."

I often say I've been poor and I've been comfortable, and comfortable is better. I've always thought studies saying otherwise were a lot of hooey. However, I would say that there does come a point where having more money doesn't really make you happier. It's at that point that you give it away.

For instance, I couldn't afford to keep horses, but you know what? I don't want to keep horses. We can't afford to jet around the world, but we don't want to do that either. If we could, we'd probably just give the money to our adult kids to spend on the grandkids.

10 posted on 02/06/2013 6:41:00 AM PST by old and tired
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To: SeekAndFind

Those who say “money can’t buy happiness” obviously don’t know where to shop...


11 posted on 02/06/2013 6:46:32 AM PST by Old Sarge (We are officially over the precipice, we just havent struck the ground yet...)
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To: SeekAndFind

“Less is More” proven false.

MORE is more.

Duh.


12 posted on 02/06/2013 6:46:58 AM PST by Uncle Miltie (Of the government, by the government, and for the government.)
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To: SeekAndFind

13 posted on 02/06/2013 6:52:52 AM PST by JoeProBono (A closed mouth gathers no feet - Mater tua caligas exercitus gerit ;-{)
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To: SeekAndFind

Money can’t buy happiness. But a complete lack of it can buy you a hell of a lot of unhappiness in a hurry.


14 posted on 02/06/2013 6:55:48 AM PST by JamesP81
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To: SeekAndFind
I think happiness and wealth follows similarly to the Laffer Curve; i.e., an inverted parabola, with wealth on the x-axis, and "happiness" on the y-axis. I won't go as far as saying there's a direct correlation between the two, because in some cases, "happiness" could be defined as "lack of misery." So by this model, there's probably an optimal amount of wealth that gives one the optimal misery avoidance. [Think enough wealth to provide for life's essentials, plus enough to enjoy and explore one's free time.]

There is an optimal balance of wealth that will bring people the most maximum amount of happiness (misery avoidance). Such a model does fall apart at the extremes--no wealth, or maximum wealth does not necessarily mean zero happiness.

This curve probably varies person to person, as wealth is relative.

15 posted on 02/06/2013 6:58:59 AM PST by Lou L (Health "insurance" is NOT the same as health "care")
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To: SeekAndFind

Much of the confusion is the inabilityl of many to distinguish between pleasure and happiness. True happiness is most often only recognized in retrospect. (”looking back, I’d say those were the happiest years of my life”)


16 posted on 02/06/2013 7:00:11 AM PST by circlecity
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To: SeekAndFind

Money can’t buy happiness... but neither can poverty.


17 posted on 02/06/2013 7:03:56 AM PST by Obadiah (We must commit to remove every Senate Blue-dog Democrat from office in 2014!)
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To: SeekAndFind

I’ve always said that money can’t buy happiness but it CAN buy a big ol’ yacht and park it RIGHT NEXT TO IT.


18 posted on 02/06/2013 7:04:12 AM PST by red-dawg
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To: All

“I’ve never been a millionaire but I just know I’d be darling at it!” ~ Diana in Wisconsin (Dorothy Parker)


19 posted on 02/06/2013 7:21:47 AM PST by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Lou L
I think happiness and wealth follows similarly to the Laffer Curve; i.e., an inverted parabola

Something very useful would be a Laffer Curve on population density vs. happiness. Many people that live in extreme high density go nuts, and so do some at the other extreme. What population density leads to maximum happiness on average? The peak value is likely between rural and semi-rural, although it may vary by age. It should influence government policies, such as more new road building to the outskirts of town. Using technology it might be possible to simulate less population density in the city, although it's probably cheaper just to move away.

20 posted on 02/06/2013 7:31:26 AM PST by Reeses
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To: SeekAndFind

As I was told many years ago,

“Money does NOT buy happiness, but it makes suffering so much easier.”

So ease my suffering! I’ll tell you when I get relief!


21 posted on 02/06/2013 7:46:09 AM PST by Ruy Dias de Bivar (Click my name! See new paintings!)
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To: Reeses
Something very useful would be a Laffer Curve on population density vs. happiness. Many people that live in extreme high density go nuts, and so do some at the other extreme. What population density leads to maximum happiness on average? The peak value is likely between rural and semi-rural, although it may vary by age. It should influence government policies, such as more new road building to the outskirts of town. Using technology it might be possible to simulate less population density in the city, although it's probably cheaper just to move away.

I have my own pet theory about this. Keep in mind I'm not a psychologist and I didn't stay in a Holiday Inn Express last night either, so it's just my opinion not yet supported by research.

I think you have social problems in large cities because, subconsciously, a human being instinctively knows that such population densities are unnatural. Without the use of modern technology, said population densities would not be viable; there would be insufficient local resources to support everyone and starvation would set in quickly. People instinctively know this, and it causes a self-preservation mind set to become prevalent in their thinking. They care less about others and more about themselves, with the intent of securing resources for themselves at the expense of others, if necessary.

It's like when there is an overpopulation of predators, the predators will sometimes fight and kill each other for territory since they each need that territory to survive. I think a similar mechanism is at work in human beings and can likely account for a lot of the problems we have in urban areas.
22 posted on 02/06/2013 8:14:33 AM PST by JamesP81
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To: Doogle

Just ask that Menendez creep.


23 posted on 02/06/2013 8:14:44 AM PST by Cyber Liberty (Obama considers the Third World morally superior to the United States.)
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To: JamesP81

So, your theory holds they’re a bunch of animals? I agree....


24 posted on 02/06/2013 8:21:49 AM PST by Cyber Liberty (Obama considers the Third World morally superior to the United States.)
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To: SeekAndFind
I'm not sure I believe this.in modern Western societies,at least,it's very tough to be happy if you lack the basics...food,shelter,clothing,heat,etc.Having some luxuries probably adds to happiness.But a Ferrari versus a Chevy....a 10,000 sq ft house versus a 2,500 sq ft one...I don't see added happiness.
25 posted on 02/06/2013 12:39:19 PM PST by Gay State Conservative ("Progressives" toss the word "racist" around like chimps toss their feces)
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