Income and Happiness: A Unique Paradox: Difference between revisions
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* Richard Easternlin's ideas of material aspriations | * Richard Easternlin's ideas of material aspriations | ||
* Layard's ideas of Rivalry, Habituation and Comparision | * Layard's ideas of Rivalry, Habituation and Comparision | ||
=Material Aspirations and Income= | |||
Revision as of 16:48, 6 April 2006
The Unique Paradox
At any given point in time rich people are substantially more happy on average when compared to poor people. This fact is contrasted to the notion that over a life cycle, societies and the people within those socities have not grown happier. The table below shows the how happiness within the top income quarter is higher compared to the bottom quarter. However a striking comparision is also highlighted; Nations have grown richer and their people gained more income, but the average happiness level has not changed from 1975 to 1978.
There are two main economic views on the reasons for this unique trend that occurs.
- Richard Easternlin's ideas of material aspriations
- Layard's ideas of Rivalry, Habituation and Comparision
