Explaining happiness

Explaining happiness

September 16, 2003 | Richard A. Easterlin*
The article by Richard A. Easterlin explores the determinants of happiness based on social survey data. He challenges the setpoint model in psychology, which posits that life events have a temporary effect on happiness, and the "more is better" theory in economics, which suggests that income increases happiness. Easterlin argues that both theories are inconsistent with the evidence from social surveys. He finds that life events such as marriage, divorce, and health issues have lasting effects on happiness, while income increases do not lead to lasting increases in happiness due to hedonic adaptation and social comparison. Easterlin suggests that a better theory of happiness should account for the different rates of adaptation in nonpecuniary and pecuniary domains. He concludes that individuals allocate too much time to pecuniary goals and insufficient time to nonpecuniary goals like family life and health, leading to reduced overall happiness. He calls for policies that can inform individual preferences to enhance both individual and societal well-being.The article by Richard A. Easterlin explores the determinants of happiness based on social survey data. He challenges the setpoint model in psychology, which posits that life events have a temporary effect on happiness, and the "more is better" theory in economics, which suggests that income increases happiness. Easterlin argues that both theories are inconsistent with the evidence from social surveys. He finds that life events such as marriage, divorce, and health issues have lasting effects on happiness, while income increases do not lead to lasting increases in happiness due to hedonic adaptation and social comparison. Easterlin suggests that a better theory of happiness should account for the different rates of adaptation in nonpecuniary and pecuniary domains. He concludes that individuals allocate too much time to pecuniary goals and insufficient time to nonpecuniary goals like family life and health, leading to reduced overall happiness. He calls for policies that can inform individual preferences to enhance both individual and societal well-being.
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