Gross Domestic Happiness vs. Gdp
Gross Domestic Happiness: What Is the Relationship between Money and Well-being?: Knowledge@Wharton (http://knowledge.wharton.upenn.edu/article.cfm?articleid=2675)
Gross Domestic Happiness: What Is the Relationship between Money and Well-being?
Published : January 19, 2011 in Knowledge@Wharton
Most of us have seen the bumper sticker: "Anyone who says money can 't buy happiness just doesn 't know where to shop." It 's an amusing sentiment, but it provokes an important question: What exactly is the relationship between money and happiness? On one hand, there is an unquestionable link. Certainly no one would deny that having enough money to cover basic needs -- to provide food, clothing and shelter -- makes you happy, or at least relieves stress which leads to greater contentment. And the more money you have, the more stuff you can buy that makes you happy: that sleek iPhone 4, that fancy new car or that luxurious cashmere wrap. On the other hand, those material objects tend not to bring us the same joy as say, spending a morning with your children at the beach, or having a good conversation with an old friend.
"The relationship between money and happiness is a complicated one," says Ed Diener, emeritus professor of psychology at the University of Illinois, who conducts research on the measurement of happiness. "All things being equal, having more money is always going to be a good thing. But while money may make you happier, there are things that [lend complexity to] that correlation."
This is a single/personal use copy of Knowledge@Wharton. For multiple copies, custom reprints, e-prints, posters or plaques, please contact PARS International: reprints@parsintl.com P. (212) 221-9595 x407.
So while more money may make us happier, other considerations -- such as whether you live in an economically advanced country, how you spend your money, how you compare your wealth to others and how you think about your time -- also play into the equation. Back in the
Gross Domestic Happiness: What Is the Relationship between Money and Well-being?
Published : January 19, 2011 in Knowledge@Wharton
Most of us have seen the bumper sticker: "Anyone who says money can 't buy happiness just doesn 't know where to shop." It 's an amusing sentiment, but it provokes an important question: What exactly is the relationship between money and happiness? On one hand, there is an unquestionable link. Certainly no one would deny that having enough money to cover basic needs -- to provide food, clothing and shelter -- makes you happy, or at least relieves stress which leads to greater contentment. And the more money you have, the more stuff you can buy that makes you happy: that sleek iPhone 4, that fancy new car or that luxurious cashmere wrap. On the other hand, those material objects tend not to bring us the same joy as say, spending a morning with your children at the beach, or having a good conversation with an old friend.
"The relationship between money and happiness is a complicated one," says Ed Diener, emeritus professor of psychology at the University of Illinois, who conducts research on the measurement of happiness. "All things being equal, having more money is always going to be a good thing. But while money may make you happier, there are things that [lend complexity to] that correlation."
This is a single/personal use copy of Knowledge@Wharton. For multiple copies, custom reprints, e-prints, posters or plaques, please contact PARS International: reprints@parsintl.com P. (212) 221-9595 x407.
So while more money may make us happier, other considerations -- such as whether you live in an economically advanced country, how you spend your money, how you compare your wealth to others and how you think about your time -- also play into the equation. Back in the