1974 - Richard A. Easterlin, University Professor and Professor of Economics (University of Southern California) published "Does Economic Growth Improve the Human Lot?" in Paul A. David and Melvin W. Reder, eds., Nations and Households in Economic Growth: Essays in Honor of Moses Abramovitz (New York: Academic Press, Inc.); suggested that despite stellar economic growth in United States since World War II, "higher income was not systematically accompanied by greater happiness"; later found that people were no happier in Japan in 1987 than in 1958, despite a fivefold jump in incomes; called the "Easterlin Paradox" - fact that average self-reported happiness has not risen with average income.
April 2008 - Betsey Stevenson and Justin Wolfer, University of Pennsylvania economists, rebutted the Easterlin Paradox; argue that money indeed tends to bring happiness, even if it doesn’t guarantee it; absolute income seems to matter more than relative income; people in richer countries are more satisfied (is wealth is causing their satisfaction.? Could results reflect cultural differences in how people respond to poll questions?); has satisfaction risen in individual countries as they grew richer? (yes, in some; no in United States, China); economic growth, by itself, not enough to guarantee people’s well-being but its consequences can contribute to satisfaction.
(source: Betsey Stevenson and Justin Wolfer, Wharton School at University of Pennsylvania)
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