Published: 8 August, 2013
MANY of us grow up being told that ‘the best things in life are free’, and until recently this was scientifically proven to be true. In 1974 Richard Easterlin, a leading name in the field of happiness economics, carried out research to find out whether average income contributes to average levels of happiness. He found that there was no correlation and his theory was named the Easterlin paradox.
However, at the beginning of this year new research uncovered that in the modern world the more money you have, the happier you are. In a research paper by Betsey Stevenson and Justin Wolfers from the University of Michigan, data showed that as your earnings increase so does your sense of well-being. Although it may seem cynical it certainly seems to be true, as this humorous infographic put together by Luma shows.
Taking a look at the lists of costs, it’s clear we have to turn our pockets inside out just so we can have ‘the best things in life’.