, Volume 39, Issue 1, pp 77-92
Date: 25 Apr 2009

How much does money really matter? Estimating the causal effects of income on happiness

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“Once people have high incomes (by current world standards), additional increases in wealth have a very small influence on subjective well-being.” Ed Diener, psychologist.
“Happiness with life appears to be increasing in the USA. The rise is so small, however, that it seems extra income is not contributing dramatically to the quality of people’s lives.” Andrew Oswald, economist.
“Those who say money can’t buy happiness don’t know where to shop.” Anonymous.