How Much Money Does Rubicon Global Make
Global Study: Money Doesn't Purchase Happiness
Raising a country from poverty to affluence should make the nation'southward population happier, correct? Wrong, according to a new study of 54 countries worldwide.
Money doesn't buy happiness over the long term, the study establish. The results apply to developed and developing countries worldwide, said study researcher Richard Easterlin, a professor of economic science at the Academy of Southern California.
"Happiness doesn't increase with the rate of economic growth even in less-developed countries or transitional countries," Easterlin told LiveScience. "We already know that to be true of developed countries, but now information technology's been extended to countries of lower levels of income."
Easterlin and his colleagues reported the results this week (December. xiii) in the journal Proceedings of the National Academy of Sciences.
The happiness paradox
Almost 40 years ago, Easterlin discovered a foreign economic pattern in the United States: If yous look at snapshot data, richer people are happier than poorer people, and wealthier countries take more than satisfied populations than less well-off nations. Merely when you look at information nerveless over time, more income doesn't bring happiness.
"If yous await across countries and compare happiness and GDP [gross domestic product] per capita, you detect that the higher the country's income, the more likely information technology is to be happier," Easterlin said. "So the expectation based on point-in-time data is if income goes up, and so happiness will go up. The paradox is, when you expect at change over time, that doesn't happen." [U.s.a. is Richest Nation, Merely Not Happiest]
The 'Easterlin paradox,' as it is known, has been the subject of much bookish debate. The new study, Easterlin said, is the broadest finding virtually the paradox so far. The researchers gathered between ten and 34 years of happiness information from 17 Latin American countries, 17 adult countries, 11 Eastern European countries transitioning from socialism to capitalism and 9-less developed countries. They found no relationship between economical growth and happiness in any case.
Fifty-fifty in a country like China, the researchers wrote, where per capita income has doubled in 10 years, happiness levels haven't budged. S Korea and Chile have shown similarly astronomical economic growth with no increment in satisfaction.
"With incomes rising so rapidly in these 3 different countries, it seems extraordinary that there are no surveys that register the marked improvement in subjective well-being that mainstream economists and policy makers worldwide would expect to find," the researchers wrote.
Wealth and want
The paradox seems incommunicable on the surface, but there'south good reason happiness and income could exist linked in the short-term and non over many years, according to Easterlin. As people's incomes rise, he said, so practice their aspirations. When incomes autumn, he said, aspirations don't. No ane wants to give up the standard of living they've grown accustomed to. So in the short term, an economic collapse is painful, while growth feels practiced.
But in the long run, Easterlin said, more wealth only creates more want.
"The higher your income goes up the more your aspiration goes up," he said. "Over time, the change in aspirations negates the effect of changing income."
The results suggest that individuals and policy makers should focus on non-monetary factors, like health and family concerns, that influence happiness, Easterlin said.
"Economic growth may not be the way yous get happier," he said. "There are other avenues that may produce more happiness."
Easterlin said he expects further controversy nigh his paradox — "Policy makers are by and large very reluctant to accept this conclusion virtually economic growth," he said — and a counterargument came presently later on the paper's release. Writing for the New York Times' Freakonomics web log, University of Pennsylvania economist Justin Wolfers argued that the new study doesn't testify the Easterlin paradox exists.
"In putting together his dataset, he sort of picks and chooses what he wants to include," Wolfers told LiveScience. The surveys Easterlin and his colleagues analyzed asked questions near life satisfaction in different ways and can't be lumped together, Wolfers said.
"What he's got is noisy data," Wolfers said. "In noisy data, it can be difficult to detect a significant correlation, but that doesn't mean the result is nothing."
Editor's note: This article has been updated to include Wolfers' response.
You lot can follow LiveScience Senior Writer Stephanie Pappas on Twitter @sipappas.
Stephanie Pappas is a contributing author for Live Science, covering topics ranging from geoscience to archaeology to the human brain and beliefs. She was previously a senior writer for Live Science just is now a freelancer based in Denver, Colorado, and regularly contributes to Scientific American and The Monitor, the monthly magazine of the American Psychological Clan. Stephanie received a bachelor's caste in psychology from the University of South Carolina and a graduate certificate in science communication from the Academy of California, Santa Cruz.
Source: https://www.livescience.com/10881-global-study-money-buy-happiness.html
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