4est_4est_Gump
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Think money can't buy happiness? Think again
Martha C. White
Martha C. White
http://lifeinc.today.com/_news/2013/05/02/18020005-think-money-cant-buy-happiness-think-again?lite=It turns out, rich people are happier than poor people.
A new Brookings Institution paper finds that people who live in rich countries are more satisfied with their lives than those in poor countries, and rich people within individual countries are happier than their poor neighbors.
That old “money can’t buy happiness” chestnut, formally called Easternlin’s paradox by economists after an influential 1974 study that concluded rich nations are no happier than poor ones, is such an enduring myth because it holds a lot of appeal, said Justin Wolfers, one of the paper’s authors, a nonresident fellow at Brookings and professor of economics and public policy at the University of Michigan.
“I think it’s incredibly comforting to believe in it,” he said. “You can believe that people who live in grinding poverty… are just as happy as you are.”