Statistics Coursework Pocket Money

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The Research That Could Change Our Thinking According to a new study, it turns out that there's a lot more to it. Sacks and Justin Wolfers of the University of Pennsylvania and Betsey Stevenson of the University of Michigan dug into the data anew, they found something very different than what Easterlin had found.

Easterlin didn't have access to the kind of information that we have today, such as the yearly  Gallup World Poll that asks about well-being and precise GDP measures that span decades for dozens of countries and millions of people.

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The cause of this was thought to be a keeping-up-with-the-Joneses effect.

That is, it's all about income, not absolute income.

The prevailing view on money and happiness was popularized in the 1970s by researcher Richard Easterlin, who claimed that it was certainly better to be rich than poor (of course).

But his research also found no statistical proof that, among rich countries, happiness rose with rising income--suggesting that happiness plateaus at a certain point.

But once you have north of ,000, you won't see much of a noticeable difference when it comes to your happiness quotient.  The thought that a joyous life doesn't necessarily lie in a bigger paycheck is comforting, right?

Well, it turns out that money What We Once Thought ...


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