Can money buy happiness?

Apparently not

The American tradition is to enshrine economic activity as a central element of “the pursuit of happiness.” In reality, however, economic activity is largely concerned with the relief of unhappiness. At the subsistence level of economic activity that has prevailed through most of human history, people must work to eat and to be clothed and housed, not so that they can enjoy the happiness that these goods can bring but so that they can avoid the pain of hunger, cold, and exposure to the elements.

In developed economies, most of us can assuage these fundamental sources of unhappiness.  But whether because of drives inherent in our nature or because of the constant efforts of advertisers and others, we seem destined to remain unhappy with our economic lot. Despite the burgeoning literature on happiness, and the contributions of prominent economists such as Richard Easterlin, Richard Layard, and Andrew Oswald, the general response of the mainstream English-language literature in economics has been to shrug and leave questions of this kind to psychologists and marketers.  However, there is some interesting discussion going on in Europe, and a couple of recently translated works might help to stir the debate.

From The Chronicle of Higher Education

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