A good economy doesn't always mean people are happy. While economic growth can have many benefits, such as buying more things, living longer, and solving problems, it doesn't always translate to greater happiness for citizens. This is known as the Easterlin Paradox.
Here are some reasons why economic growth doesn't always mean people are happy:
Income threshold:
Some believe that higher income doesn't increase happiness beyond a certain level. For example, Nobel laureates Angus Deaton and Daniel Kahneman found that further gains in income don't make people happier after they reach a ceiling of $75,000 in the United States.
Social factors:
Social factors like the strength of social support, the absence of corruption, and the degree of personal freedom are more important for happiness than income.
Individual happiness:
Individuals happiness depends on more than money. For example, getting a promotion or a raise can give people an emotional boost for a short period of time, but winning the lottery doesn't seem to make a permanent change in people's overall satisfaction with life.
Source: Internet.
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