More money does not translate into more problems as rappers would have us believe or who knows, maybe it does, but one thing is for certain: more money brings more happiness, according to a new study done by economists at the University of Michigan.
The new study debunks what is called the Easterlin Paradox, a concept that states: when a person reaches a certain income level where basic needs are met he or she cannot gain more happiness out of extra earning. The study informs us that across all income levels the more one earns the more happy one feels.
The economists collected data from more than 150 countries through Gallop World Polls and the World Bank for the study. It said, “while each additional dollar of income yields a greater increment to measured happiness for the poor than for the rich, there is no satiation point. “