For my 3rd Teach EcoKnowmics blog comment, I thought the article titled “Money does buy happiness, and for one group of people, top economists say the limit does not exist” by Ani Freedman was interesting. The main point of the article was to answer the question: Is there a limit to how much money can bring you happiness? And the simple answer is that for most people, there isn’t. A study determined that the relationship between income and happiness varies according to levels of well-being, categorizing participants into three groups: those with low happiness, moderate happiness, and high happiness. The study observed that individuals in the lowest well-being group experienced increased happiness with rising income up to $100,000, after which the effect…
In Fortune’s article “Money does buy happiness”, the argument and data leans towards the concept that there is a correlation between more money and more happiness, but not consistent causation. The two studies conducted showed two different outcomes, but similar trends. One study created by Daniel Kahneman demonstrated the correlation, however he and his partner Angus Deaton explained in their research that the results stopped increasing after $75,000 of income.
Matthew Killingsworth disagreed with the concept of a limit on the growth of income correlating with the growth of happiness. Professor Killingsworth initially needed to separate the groups of people studied in the survey conducted. These three groups (least happy, middle happy, and most happy) reacted differently to an increase…
This article, titled “Money does buy happiness, and for one group of people, top economists say the limit does not exist,” written by Ani Freedman, discusses the findings of a 2023 study explaining that, contrary to the popular saying “money can’t buy happiness,” happiness and wealth are in fact related. To me, this makes sense: people work as a means to an end; they earn money to feed themselves and to have disposable income for the things they desire. As a result, wealthier individuals can afford more of the activities and experiences they want. I wonder how knowing this fact should affect our approach to the ethics of money and happiness. Considering utilitarianism, does the study indicate a linear relationship…
In this article, it explores the question of whether or not money can "buy" happiness. They conducted a study where they did a daily survey of 1,000 U.S. residents and they found some correlations with money and happiness. The participants were separated into three different groups, least happy, middle-range happy, and most happy. The least happy group was found that happiness rose with income until $100,000 and then it plateaued. In the middle-range happy group, they found that happiness grew with income continuously. In the most happy group, they found that happiness rose and accelerated once it passed $100,000. Generally, more money typically makes a person happier. However, there is a group where this does not apply and it is…
For my third blog comment I went to the inequality section and picked "Will Money Bring You Happiness," by Sintia Radu. Not only the image for this article caught my attention, the title itself too. It is an interesting topic that many people have different views on.
In this article, two economists decided to formulate a test to see the connection between money and happiness. They both had two results, "happiness increases with income up until $75,000," in 2010 and the other result "happiness increased alongside income with no limit" in 2021. For 2023 it resulted if there was a limit to the amount of money that can bring happiness. Their study showed that based on how happy money can…
For my 3rd Teach EcoKnowmics blog comment, I thought the article titled “Money does buy happiness, and for one group of people, top economists say the limit does not exist” by Ani Freedman was interesting. The main point of the article was to answer the question: Is there a limit to how much money can bring you happiness? And the simple answer is that for most people, there isn’t. A study determined that the relationship between income and happiness varies according to levels of well-being, categorizing participants into three groups: those with low happiness, moderate happiness, and high happiness. The study observed that individuals in the lowest well-being group experienced increased happiness with rising income up to $100,000, after which the effect…
In Fortune’s article “Money does buy happiness”, the argument and data leans towards the concept that there is a correlation between more money and more happiness, but not consistent causation. The two studies conducted showed two different outcomes, but similar trends. One study created by Daniel Kahneman demonstrated the correlation, however he and his partner Angus Deaton explained in their research that the results stopped increasing after $75,000 of income.
Matthew Killingsworth disagreed with the concept of a limit on the growth of income correlating with the growth of happiness. Professor Killingsworth initially needed to separate the groups of people studied in the survey conducted. These three groups (least happy, middle happy, and most happy) reacted differently to an increase…
This article, titled “Money does buy happiness, and for one group of people, top economists say the limit does not exist,” written by Ani Freedman, discusses the findings of a 2023 study explaining that, contrary to the popular saying “money can’t buy happiness,” happiness and wealth are in fact related. To me, this makes sense: people work as a means to an end; they earn money to feed themselves and to have disposable income for the things they desire. As a result, wealthier individuals can afford more of the activities and experiences they want. I wonder how knowing this fact should affect our approach to the ethics of money and happiness. Considering utilitarianism, does the study indicate a linear relationship…
In this article, it explores the question of whether or not money can "buy" happiness. They conducted a study where they did a daily survey of 1,000 U.S. residents and they found some correlations with money and happiness. The participants were separated into three different groups, least happy, middle-range happy, and most happy. The least happy group was found that happiness rose with income until $100,000 and then it plateaued. In the middle-range happy group, they found that happiness grew with income continuously. In the most happy group, they found that happiness rose and accelerated once it passed $100,000. Generally, more money typically makes a person happier. However, there is a group where this does not apply and it is…
For my third blog comment I went to the inequality section and picked "Will Money Bring You Happiness," by Sintia Radu. Not only the image for this article caught my attention, the title itself too. It is an interesting topic that many people have different views on.
In this article, two economists decided to formulate a test to see the connection between money and happiness. They both had two results, "happiness increases with income up until $75,000," in 2010 and the other result "happiness increased alongside income with no limit" in 2021. For 2023 it resulted if there was a limit to the amount of money that can bring happiness. Their study showed that based on how happy money can…