Income and Happiness: Towards a Unified Theory

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ID: 290371
2001
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Abstract
Material aspirations are initially fairly similar among income groups; consequently more income brings greater happiness. Over the life cycle, however, aspirations grow along with income, and undercut the favourable effect of income growth on happiness, although the cross‐sectional happiness‐income difference persists. People think they were less happy in the past and will be happier in the future, because they project current aspirations to be the same throughout the life cycle, while income grows. But since aspirations actually grow along with income, experienced happiness is systematically different from projected happiness. Consequently, choices turn out to be based on false expectations.
Reference Key
openalex_W2041540949 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Richard A. Easterlin
Journal the economic journal
Year 2001
DOI
10.1111/1468-0297.00646
URL
https://doi.org/10.1111/1468-0297.00646
Keywords Keywords not found

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