Richer and Happier

New research by economists Betsey Stevenson and Justin Wolfers found that for rich and poor alike, as income climbs, so does one’s sense of well-being.

Their findings, published in the May 2013 American Economic Review, Papers and Proceedings, counter the idea that once certain basic needs are met, a rising income doesn’t translate into increased happiness.

That eponymous 1970's-era notion is known as the Easterlin Paradox.