In 1974, economist Richard Easterlin, published a study in which he argued that economic growth didn’t necessarily lead to more satisfaction. In poor countries, gaining the necesseties of life raised happiness but beyond those gains there was no increase. This became known as the Easterlin paradox.
Just last week, two young economists presented what they claim is a refutation of the paradox.
Read the full story in the NY Times.
(The graphic below is from the article, I’ve circled New Zealand in red. Click the image for full size.)