#657 - Erik Angner - An Economist’s Guide To A Happy Life
Modern Wisdom
The Relationship Between Money and Happiness
Giving more money to poor people tends to make them happier./nThere is ongoing debate about the effect of income on happiness for the very rich./nConsensus suggests that happiness increases with income, but at a decreasing rate./nDiminishing marginal returns apply to happiness as well as economics./nIncreasing income may require sacrificing leisure and personal relationships./nMaximizing income does not guarantee happiness and may not always be desirable.
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