Ronald Bailey on Whether Money Can Buy Happiness


In 1974 economist Richard Easterlin observed that while incomes in various countries had increased, reported well-being and life satisfaction on surveys had not. In other words, more money didn't make people happier. For four decades, the Easterlin Paradox has more or less been the conventional wisdom. Reason Science Correspondent Ronald Bailey looks at more recent studies that find that on average more money does in fact produce more happiness.