Can Money Buy Happiness? A Deeper Dive
"Money is the root of all evil.” “Money can’t buy happiness.” “Mo’ Money, Mo’ Problems.”
Whether it be from the Bible, a parent, or the Notorious B.I.G, we have all heard the same old narrative: money isn’t the answer to our problems. Despite these warnings, we often spend our days laboring away in hopes of bagging that promotion or securing a raise. We fantasize about being rich, hunt for high-paying jobs, and constantly try to move up the financial ladder, often assuming these things will truly make us happy.
On some level, we know that money is the solution to some of our unhappiness. For example, it is clear that to somebody in poverty, more money would indeed alleviate many of their worries. Poverty is stressful, unstable, and unhealthy, and in this sense, an infusion of cash would loosen these restraints on well-being.
This contradiction seems to leave us with a paradox: if money is the solution to many material issues, but not the key to our self-actualization, what role does making money play in our growth and development as people? Is it really true that money doesn’t buy happiness, and if so, to what degree?
References
- Kahneman, D., & Deaton, A. (2010). High income improves evaluation of life but not emotional well-being. Proceedings of the National Academy of Sciences, 107(38), 16489–16493. https://doi.org/10.1073/pnas.1011492107
- US Inflation Calculator. (2021, August 11). Inflation calculator: Find US dollar’s value from 1913-2021. US Inflation Calculator. https://www.usinflationcalculator.com/.
- Lowrey, A. (2020, February 7). The great affordability crisis breaking america. The Atlantic. https://www.theatlantic.com/ideas/archive/2020/02/great-affordability-crisis-breaking-america/606046/.
- Killingsworth, M. A. (2021). Experienced well-being rises with income, even above $75,000 per year. Proceedings of the National Academy of Sciences, 118(4). https://doi.org/10.1073/pnas.2016976118
- See 4.
- Pinsker, J. (2019, February 13). The reason many ultra-rich people aren’t satisfied with their wealth. The Atlantic. https://www.theatlantic.com/family/archive/2018/12/rich-people-happy-money/577231/.
- Mineo, L. (2018, November 26). Over nearly 80 years, Harvard study has been showing how to live a healthy and happy life. Harvard Gazette. https://news.harvard.edu/gazette/story/2017/04/over-nearly-80-years-harvard-study-has-been-showing-how-to-live-a-healthy-and-happy-life/.
- Vieira, H. (2017, August 2). Workers are happier with less hierarchy. LSE Business Review. https://blogs.lse.ac.uk/businessreview/2017/01/30/workers-are-happier-with-less-hierarchy/.
About the Author
Triumph Kerins
Triumph is passionate about understanding how human behavior influences our world. Whether it be global macroeconomics or neural networks, he is fascinated by how complex systems work, as well as how our own behavior can help create, sustain, and break these systems. He is currently pursuing a Bachelor’s degree in Economics and Psychology at McGill University, attempting to design an interdisciplinary approach to better understand all the quirks that make us human. He has experience in non-profit consulting, journalism, and research. Outside of work, you can find Triumph playing bass guitar, gardening, or down at a local basketball court.
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