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Mohammad Mohammadipour

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Can Money Buy Happiness?

Maybe more cash does make people happier. Especially salient are analyses done by University of Pennsylvania economists Daniel Sacks, Betsey Stevenson, and Justin Wolfers. In their updated 2010 study, “Subjective Well-Being, Income, Economic Development and Growth,” the three compare subjective well-being survey data from 140 countries with those countries' income and economic growth rates. The researchers find that within individual countries richer people are happier than poorer; people in richer countries are happier than people in poorer countries; and over time increased economic growth leads to increased happiness. “These results together suggest that measured subjective well-being grows hand in hand with material living standards,” they conclude..

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  • Feb 16 2013: There is a study by Brickman et al. (http://psycnet.apa.org/journals/psp/36/8/917/) which shows that people who have recently had an injury which led to paraplegia weren't unhappier than people who had won in a lottery before (or to be more accurate: those who had the accident didn't expect to be unhappier in the future).
    So I think that this shows quite well that there are factors which are much more relevant to be happy, e.g. friends and family.
    To answer your question: no, money can't buy happiness.

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