Money and Happiness: China Surveys Suggest a Limited Link
After two decades of extraordinarily rapid economic growth, people in China aren’t much happier than when they started, suggests a new review of happiness and national income in the world’s largest, most economically accelerated country.
On the whole, China’s wealthy are slightly happier than before, but little appears to have changed among middle-income earners. Among lower income brackets, life satisfaction seems to have dropped precipitously.
These trends are not an argument against capitalism or economic growth — but they do hint at shortcomings in using standard economic metrics as shorthand for well-being.
“There is no evidence of an increase in life satisfaction of the magnitude that might have been expected to result from the fourfold improvement in the level of per capita consumption,” write researchers led by economist Richard Easterlin in their May 15 Proceedings of the National Academy of Sciences paper....
John Steinbeck observed that "a sad soul can kill you quicker, far quicker, than a germ."
That insight, now confirmed by epidemiological studies, is worth bearing in mind at a time of such polarizing inequality that the wealthiest 1 percent of Americans possess a greater collective net worth than the bottom 90 percent.
There’s growing evidence that the toll of our stunning inequality is not just economic but also is a melancholy of the soul. The upshot appears to be high rates of violent crime, high narcotics use, high teenage birthrates and even high rates of heart disease.
That’s the argument of an important book by two distinguished British epidemiologists, Richard Wilkinson and Kate Pickett. They argue that gross inequality tears at the human psyche, creating anxiety, distrust and an array of mental and physical ailments — and they cite mountains of data to support their argument....