For years, the Easterlin paradox has been the received wisdom in economics: that while poverty increases unhappiness, a higher income does not guarantee contentment once basic needs have been met. Now the NY Times reports on a new study that questions this premise. In sum:
"Economic growth, by itself, certainly isn’t enough to guarantee people’s well-being — [...]
But it would be a mistake to take this argument too far. The fact remains that economic growth doesn’t just make countries richer in superficially materialistic ways."
As examples, the author cites scientific research and access to travel, and concludes: "At a time when the American economy seems to have fallen into recession and most families’ incomes have been stagnant for almost a decade, it’s good to be reminded of why we should care."
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