5. Money does not buy happiness, at least not when people have their basic needs and wants met.
There is a distinction between standard of living and quality of life. Standard of living is the value of the goods and services available to an individual, group, or country. Quality of life is the degree of satisfaction in a person’s life. Quality of life is not the same as the standard of living because it considers things in addition to material possessions and wealth.
As discussed in Chapter 1, economics is the study of how scarce resources are allocated to satisfy seemingly unlimited needs and wants. No matter how many material possessions people have, it seems they always want more. Surveys suggest that income and the material possessions it can buy do not buy happiness, however.
There are a tremendous number of wealthy people in the world who are unhappy and unfulfilled. It is okay to want more money and the things that it will buy. Just do not count on money and material possessions providing you with happiness and fulfillment. This concept is explained in Chapter 1 (What is Economics?).
See Kluger, Jeffrey. “No Price Tag on Happiness.” TIME. September 8, 2003 and Chatzky, Jean. “Money Can’t Buy It.” TIME. October 6, 2003.
Joseph Schumpeter's Business Cycles
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Business Cycles
The link above takes you to a pdf file of Joseph Schumpeter's book.
14 years ago
Blair Waldorf from the Gossip Girl said that those who say that money doesn’t buy happiness just don’t know where to shop. If you’re unhappy inside of you, if you feel miserable, money can’t make you happy. However, the money can help you to buy something what will make you feel better. For example, you can travel and see the world and that’s a good therapy from all the deceases. Also I like the feeling of independence the money give – you don’t have to apply for payday loans and choose between buying food and paying bills and that’s already a reason for feeling happy.
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