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On Money and Happiness
“It is better to have a permanent income than to be fascinating,” said Oscar Wilde, but, can money buy happiness? A recent study cited by The Economist called “Subjective Well-Being and Income: Is There Any Evidence of Satiation?” by Betsey Stevenson and Justin Wolfers, says yes.1 Gallup pollsters created a “satisfaction ladder” in which the top rung represented highest satisfaction. Those polled were asked how high they are on the ladder from zero to 10, and how much they earn. Most people around the world reported more satisfaction the richer they were. And there seems to be no point where the respondent plateaued. In other words, satisfaction and income seem to be related linearly—which may be why the ...
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