Source: EconLog
by Scott Sumner
“Studies of happiness often find a positive correlation between income and subjective well-being. Put simply, rich people tend to be happier than poor people. Of course, correlation by itself doesn’t prove causation. In the past, I’ve suggested that the positive correlation largely reflects reverse causation. Happy personalities are likely to be more motivated and capable of earning money. Lyman Stone recently directed me to a study showing that genes linked to higher income are associated with much better mental health.” (02/01/25)