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The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
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The Easterlin paradox revisited.

Robert H Frank1

  • 1Johnson School of Management, Cornell University, Ithaca, NY14853, USA. rhf3@cornell.edu

Emotion (Washington, D.C.)
|October 24, 2012
PubMed
Summary
This summary is machine-generated.

Economic growth may not increase happiness as much as previously thought, challenging the Easterlin Paradox. Research suggests well-being is linked to absolute income, but relative income also plays a role.

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Area of Science:

  • Economics
  • Psychology
  • Sociology

Background:

  • The Easterlin Paradox posits that economic growth does not increase subjective well-being.
  • Richard Easterlin's 1974 paper challenged the notion that well-being depends on both absolute and relative income.
  • Social scientists have long debated the Easterlin Paradox, with varying explanations proposed.

Purpose of the Study:

  • To re-examine the relationship between economic growth and subjective well-being.
  • To address the claims made by Stephenson and Wolfers (2008) that the Easterlin Paradox is a statistical illusion.
  • To investigate the roles of absolute and relative income in determining individual well-being.

Main Methods:

  • Analysis of existing literature and data sets on income and well-being.
  • Critique of the methodologies and conclusions presented in previous studies.
  • Theoretical argumentation regarding the influence of income on well-being.

Main Results:

  • Evidence suggests a positive link between absolute income and well-being.
  • The study argues against the complete independence of well-being from relative income.
  • The Easterlin Paradox, while complex, may not be entirely explained by absolute income alone.

Conclusions:

  • Well-being is positively associated with absolute income.
  • Relative income remains a significant factor influencing subjective well-being.
  • Further research is needed to fully understand the nuanced relationship between economic factors and human happiness.