The Easterlin and Other Paradoxes: Why Both Sides of the Debate May Be Correct
The Easterlin and Other Paradoxes: Why Both Sides of the Debate May Be Correct
Research on the economics of happiness has raised a new debate on the relationship between happiness and income. Easterlin’s original work highlighted an apparent paradox: as countries grew materially wealthier — and healthier — over time, average happiness levels did not increase. A number of studies since then confirmed the general direction of his findings. Yet some recent papers, based on new data, find a stronger relationship between average per capita income and happiness levels, and question whether the paradox exists at all. This chapter shows how the steepness of the slope in the income-happiness relationship depends to a large extent on the particular question that is used; on the sample of countries and time frame selected; on the specification of the income variable; and on the rate of economic growth in addition to income levels. This chapter also highlights three related phenomena: the paradox of unhappy growth; happy peasants and frustrated achievers; and the paradox of low aspirations.
Keywords: happiness, income, Easterlin Paradox, international, national
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