Does Economic Wealth Affect Happiness

Happiness is rated by many people as their lifelong pursuit and the driving force behind their striving for success. However, which criterion is effective in the measurement of happiness has long been a most debated topic, still open to discussion till today. In the 1970s when all western countries were experiencing the golden age of rapid economic boom, Michael R. Hagerty and Ruut Veenhoven (2003 , quoted in Easterlin, 1974) posed a question: "Will raising the incomes of all increase the happiness of all?" To answer this question, we have to delve into the relationship between economic wealth and happiness. Data provided by Michael R. Hagerty and Ruut Veenhoven (2003 , guoted in Veenhoven 1989; 1991; Diener and Oishi 1999; Inglehart and Klingemann 2000) reveals that for over 40 nations, national happiness is in direct proportion to GDP/capita. Nevertheless, Samuel Brittan (2001) hold the belief that happiness comes from some other variables, such as interpersonal relationship, life quality and even politics. This essay is going to discuss whether economic wealth means happiness or not and then I will put forward my opinion.

"Being financially well-off enables one to have more access to the enjoyment of life" (Mankiew,G & Taylor, P,M, 2011). Though GDP cannot measure the health of children, the quality of education, it succeeds in offering us better health care, more educational opportunities. In addition, international data concerning the quality of life also suggests that countries with low GDP per person tend to enjoy less modern amenities, such as televisions, telephones and paved roads. What's worse, these countries are reported to have higher rates of infant mortality, maternal mortality and child malnutrition. Thus, it is clear that economic wealth is strongly correlated with the quality of life, which will in turn affect how people feel in their lives. As is analyzed by Anyaa(2011), happiness means to how much extent our needs are met and how favorable we perceive our life conditions to be. Better life quality surely satisfies our physiological needs of food and shelter and therefore plays an important role in ensuring our happiness, especially for those who live under the poverty line.

It is not sagacious to give much weigh to economic wealth in the measurement of happiness. "In a national Australian survey in 2002, Hamilton found that high income earners actually feel less satisfied and prosperous than low income earners" (According to survey statistics happiness of wealthy people is no greater, n.d). Similar striking result was found by Samuel Brittan (2001) that Nigeria came out ahead of Austria in the list of the happiest country. "Dr. Michael Fordyce describes this phenomenon as the 'happiness law of diminishing returns' which states that achievement in any area of life adds to happiness only up to a certain point" (According to survey statistics happiness