this post was submitted on 10 Nov 2023
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Work Reform

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[–] [email protected] 16 points 1 year ago (2 children)

This has been studied pretty extensively and it turns out that money definitely does buy happiness, but only to a certain point after which you get diminishing returns and eventually no increase in happiness.

It's been awhile since I've looked at the literature, but if memory serves, most people max out on happiness with an upper middle-class income, so probably 3-4 hundred thousand/year for a couple in the US. After that you don't get any increase in happiness and are actually better off giving any extra money to charities and/or sharing with friends and family.

[–] [email protected] 5 points 1 year ago (3 children)

Looks like this one says it's closer to 500k: https://www.cbsnews.com/news/money-happiness-study-daniel-kahneman-500000-versus-75000/

In the past, I've been misled by one saying 75k mentioned here.

[–] [email protected] 1 points 1 year ago

That's totally believable. I don't claim any expertise in this matter and would never claim to be anything even remotely like an economist.

[–] [email protected] 1 points 1 year ago

Yeah, there was a study that found a cap at 75k, there was also another that didn't find it afterwards: https://www.verywellmind.com/happiness-doesn-t-top-out-at-usd75-000-study-says-5097098

[–] [email protected] -1 points 1 year ago (1 children)

Daniel Kahneman is useful to neoliberals. 75k would allow me to live very comfortably. 500k I would want for literally nothing ever again.

[–] [email protected] 3 points 1 year ago (1 children)

You get to a point where basic needs and standard luxuries don't move the needle and all the things you can't afford are just exponentially more expensive. This phase literally never ends. There are things Jeff Bezos and Elon Musk desire that they cannot afford. But even if you are making like 200k or so, "normal" living cost quickly become trivial, and it becomes about how much you have for crazy vacations and home upgrades. But you can be perfectly happy "just" getting a high end item and not a super lux item if you are a well adjusted person

[–] [email protected] 1 points 1 year ago

You also have to understand they grew up differently and see life differently. Not that it couldn't happen to me, but when I say money can buy happiness I do not believe buying those luxuries is not happiness. Thats why I argue the 70k a year income is more likely than 100k, or 500k.

[–] [email protected] 2 points 1 year ago

Also more equal societies tend to be happier and healthier. Reducing overall wealth and income inequality is a net gain for everyone.