Does Money Buy Happiness?

For this post I am going to be considering sections of the paper 'Who is Happy?' by Myers and Diener. Download the paper from here.

Certainly giving away the money can create happiness...read this...

From the paper:

"Although the correlation between income and happiness is not negative, it is modest..."

That depends surely on whether you KEEP the money or SPEND it - and if so, on what/whom?

"Psychologists have found that people who spend their money on simple experiences such as going to the theatre, dining out or taking adventure holidays tend to be happier with their purchases than those who buy material possessions, regardless of how much they spend."

In 2002 the BBC reported:

"They say "money can't buy you happiness" but researchers have proved the opposite.Winning just £1,000 can be enough to change a person's outlook on life, suggests the study by researchers at the University of Warwick."

Eight years later the BBC reported:

"Recent research seems to suggest that money can make you a happier person after all.

That, of course gets economists rather excited: maybe we could measure the economics of happiness? If possible, it would make politicians happy too."

Remember: don't buy things - buy experiences...