Ater a decade spent earning degrees, Elizabeth Dunn experienced a
major lie change. She started earning money. As a youngproessor, Liz suddenly skyrocketed all the way to an averageadult income, and began to wonder what to do with her new-ound wealth. Having just completed her Ph.D. in social psy-chology, Liz did what only a true academic would: she turnedto the scientic literature or guidance. She ound about seven-teen thousand articles on the relationship between money andhappiness, many o which seemed to suggest that additionalincome provides surprisingly little additional happiness.
But,she wondered, just because money oten ails to buy happiness,does that mean that it
? What i people spent their moneydierently—and better?Liz called up her riend Michael Norton. The two had metduring graduate school at an academic summer camp (thinkband camp—but nerdier). Liz admired Mike’s willingness totackle wacky questions, such as “How do people think wealthshould be distributed?” and “At what age do kids becomehypocrites?” In his postcamp years—and to the surprise o his
Any sentence summarizing so many papers likely contains an oversimplication.For a more in-depth discussion o this complex and contentious literature, we sug-gest
Happiness: Unlocking the Mysteries o Psychological Wealth,
by Ed Diener and RobertBiswas-Diener.
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