Wealth and Happiness Revisited – Growing National Income Does Go with Greater Happiness

@article{Hagerty2003WealthAH,
  title={Wealth and Happiness Revisited – Growing National Income Does Go with Greater Happiness},
  author={M. Hagerty and R. Veenhoven},
  journal={Social Indicators Research},
  year={2003},
  volume={64},
  pages={1-27}
}
Abstract``Will raising the incomes of all increase the happiness of all?'' Intuitionsays `yes' but theories of relative utility caution that the answer may be`no'. The theory of relative utility holds that people's happiness dependson income relative to others (social comparisons), or on income relative totheir own past income (adaptive expectations) – so that raising the incomes ofall may not increase average long-term happiness. In contrast, the theoryof absolute utility predicts that… Expand
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