Easterlin paradox

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#HappinessEconomics
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The Easterlin Paradox is the observation that, while wealthier individuals tend to report higher levels of happiness, overall happiness in a society does not increase as income rises over time. Richard Easterlin, an economist, highlighted this in the 1970s, suggesting that people's relative income matters more than absolute income. Essentially, as countries become richer, their citizens do not necessarily feel happier, possibly due to factors like rising expectations and social comparisons.