INFOGRAPHIC: The best things in life aren’t free
Until earlier this year, academic thinking backed up the well-known expressions ‘money can’t buy you happiness’ and ‘the best things in life are free’. The main theory behind this school of thought was devised by economist Richard Easterlin in 1974 who argued that increasing your income did not subsequently elevate your wellbeing. It appeared that after basic needs were met, an increased income would no longer affectively improve happiness. This became known as the Easterlin Paradox.
But, now two researchers (Stevenson and Wolfers) have proven the opposite to be true. In their recently released paper they collected data that shows how people’s wellbeing continues to increase along with income growths. In short, the more money you have the happier you’ll be.
To run alongside this, Luma have sourced the real life costs of the ‘best things in life’ and pieced them together in this amusing infographic. Even more reason to save money when shopping!