CALIFORNIA BUSINESS MINUTE
Money Can’t Buy Happiness
12-10-10
Hi, I am Tim Johnson and welcome to the California Business Minute.
According to a study published by the National Academy of Sciences, money can’t
buy happiness.
After reviewing more than two decades of data, University of Southern California
researchers have concluded wealth isn't related to happiness. Data collected from
37 wealthy and developing countries over 22 years show that income growth has not
translated to happiness for the masses.
"Happiness has not increased in the U.S. since the early 1970s, and possibly not
since 1946, depending on how confident one is in the data," USC Economist Richard
Easterlin, the paper's author, said in a written statement.
In the short-run, recessions are likely to decrease the happiness of people who
are reluctant to downgrade the size of their home or make other life-style
concessions, according to Easterlin. But increased wealth makes people want more,
as they adjust their material desires to match their higher income, he said. As
income rises, their aspirations rise too. "They want a bigger and better house,"
he said.
I am Tim Johnson and this has been the California Business Minute.
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