Money and Happiness: Money Can Buy Happiness! Nobel laureate reveals the secret
New Delhi: Can money buy happiness? This is a question that economists and social scientists have been trying to answer for centuries. But, a new study has finally answered this question. A report published in the Washington Post states that when one’s income or earnings increase, one’s happiness increases.
The report is based on research by Nobel Prize-winning economist Daniel Kahneman and Matthew Killingsworth of Princeton University and the University of Pennsylvania, who did extensive research on this conclusion. A 2010 study states that money can only increase happiness to a certain extent. Like- annual income of 50-60 lakhs.
Daniel Kahneman was one of the two authors of this 2010 study. The study became so popular that the founder of a credit card company raised the minimum wage for his employees to $70,000 and reduced his own earnings to do so.
Two researchers of the new study surveyed nearly 33,391 people between the ages of 18 and 65. The annual income of these people was at least 10 thousand dollars i.e. 8 lakh rupees.
Researchers recorded people’s reactions to emotions for a short period of time via a smartphone app. Responses ranged from “very bad” to “very good”.
The study arrived at two key findings, the first being that higher earnings of up to $500,000 (Rs 4,11,54,250) a year improve happiness. At the same time, there are some people whose high income does not make any difference to their happiness. About 15 percent of the people come in this group.
Matthew Killingsworth, the study’s researcher, cautioned in a statement that money isn’t everything — it’s just one of many factors in happiness. Also, money is not the secret behind happiness but money can help in being happy. ,