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The Wealth of Nations and the Happiness of Nations: Why “Accounting” Matters

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Abstract

We review income-happiness research in light of competing theoretical frameworks, unit of analysis, and methodological issues. Within-countries, absolute income is weakly related to happiness, comparison effects depend on the measure utilized, and income change and perceived income produce inconsistent findings. Across countries, absolute income is a stronger predictor of happiness, different comparison effects are significant, income change results are predominantly positive, and the financial-life satisfaction relationship is more robust.

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  1. Department of Management Kelly School of Business, Indiana University, 1309 East Tenth Street, Bloomington, IN, 47405-1701, USA

    Marne L. Arthaud-day & Janet P. Near

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  1. Marne L. Arthaud-day
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  2. Janet P. Near
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Correspondence to Janet P. Near.

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Arthaud-day, M.L., Near, J.P. The Wealth of Nations and the Happiness of Nations: Why “Accounting” Matters. Soc Indic Res 74, 511–548 (2005). https://doi.org/10.1007/s11205-004-6397-8

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  • DOI: https://doi.org/10.1007/s11205-004-6397-8

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