Even though many social scientists and economists have been enticed to find the answer, the subject of whether we can buy happiness with money has remained unresolved.
According to a story in The Washington Post, a new study has recently revealed a brand-new solution: happiness rises along with growth in wealth and earnings.
According to the news source, the study is based on work by Princeton University’s Matthew Killingsworth and Nobel Prize-winning economist Daniel Kahneman, who crunched numbers to arrive at this result.
The study’s findings go against earlier research from 2010, which claimed that having money only makes people happier up to a specific level—roughly $75,000 in annual income.
Kahneman was among the two authors who had conducted the earlier study. The study became so popular that the founder of a credit card company raised his employees’ minimum salaries to $70,000 by taking a cut in his own salary to do so.
The recent study was published this month in the Proceedings of the National Academy of Sciences, according to the Washington Post report.
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