You’ll get more detail in The Atlantic, but this reader enjoyed the following blurb about the same study from Money magazine.
The Rich Get Happier, Too
A well-publicized 2010 study found that earning beyond $75,000 doesn’t improve your well-being. But a new University of Michigan study finds that — surprise! — more money does indeed cheer you up.
The key, says co-author Justin Wolfers, is how you assess happiness. The 2010 study examined day-to-day feelings — whether people smiled a lot, for example. The Michigan scholars looked at people’s stated overall satisfaction with their lives, which kept rising with income.
The doesn’t mean a Breitling watch will make you happier than a Timex would. Money’s impact doesn’t come from buying fancier stuff, says Wolfers: More likely, it signals greater freedom of choice. [Emphasis added.]
Speaking of freedom, those interested in giving more people an opportunity to be happy (by earning more money) ought to look at the impact of economic freedom.
