Background & Case Summary
This case is about, and whether it can buy happiness. Can money buy happiness? This question is one of the most heavily disputed and researched of all times. The case points The 5 influencing Factors Money has on happiness, and studies done by economist Richard Easterlin and young economists Betsey Stevenson and Justin Wolfers and their findings. In his study Richard Easterlin argues that economic growth doesn’t necessarily lead to more satisfaction. Betsey Stevenson and Justin Wolfers argue that money indeed tends to bring happiness, even if it doesn’t guarantee it. (Case: The 5 Influencing Factors Money has on Happiness and Maybe Money Does Buy Happiness After All) Pro: Argument for the Case
B. Stevenson and J. Wolfers argue that money indeed tends to bring happiness, even if it doesn’t guarantee it, and that income does matter. Ms. Stevenson and Mr. Wolfer say absolute income seems to matter more than relative income. In the U.S. about 90 percent of people in households making at least $250000 a year called themselves happy. In households with income below $30000, only 42 percent of people gave that answer.
The 5 influencing factors money has on happiness found in a study are; 1. Money and Time,
2. Money and Freedom,
3. Money and stuff
4. Money and Experiences
5. Money and stress.
Each of these factors states the ways in which money can bring happiness and how it cannot. 1. The Money and Time argument states that, that money allows you more time, having control over your time leads to happiness. 2. The Money and Freedom argument states that, having money allows you to essentially free yourself from the pursuit of more of it. 3. The Money and Stuff argument states that, money allows you to buy things that bring people closer together. Social interactions lead to happiness. 4. The Money and Experiences argument states that, money allows...