More Poor Friends More Happiness
Can money buy happiness? Yes, claim the authors of a new study -- but only up to a point.
Psychology has shown that richer people generally rank the overall quality of their lives more favorably than poorer people do. At the same time, their actual happiness seems to be motivated less by their ability to buy more than by being able to keep up with those with comparable resources in their own age group .
"Our findings point to the possibility that, rather than promoting overall happiness, continued income growth could promote an ongoing consumption race where individuals have to consume more and more, just to maintain a constant level of happiness," writes Glenn Firebaugh of Pennsylvania State University.