10 April 2008

News Flash: Money Does Buy Happiness

At least, economist Angus Deaton thinks so. But he also believes that a focus on happiness may do more harm than good, particularly in emerging countries.

A GMJ Q&A with Angus Deaton
Dwight D. Eisenhower Professor of International Affairs and Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs and the Economics Department at Princeton University
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Economist Angus Deaton thinks so -- or at least, money can buy you a more valued life. But he also believes a focus on happiness may do more harm than good, particularly in emerging countries. He also wonders if foreign aid -- both social and financial -- to emerging countries might be harmful. Read this very provocative conversation.
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Steven Di Pietro Posted On 4/11/2008 4:48:45 PM

The issue with happiness and life satisfaction is not whether one leads to the other, but whether one defines the other. People satisfied with life are happy (otherwise by definition you wouldn't be happy). The problem is this; you cannot chase happiness. Things like money, family and joy are mere enablers of happiness, not the end result. They are the fuel to get you there. Once a car is full of fuel, you cannot add more. Money is the same because you get to a point where it no longer contributes.

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See also
Re-Learning Economics
The Problem of Pay
Angus Deaton, Ph.D.
Toll of Transition in Eastern Europe and Former USSR
Rich World Aging More Contentedly Than Poor
Worldwide, Residents of Richer Nations More Satisfied

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