The Correlation Between Income And Happiness

1477 Words6 Pages
A number of publications have presented their analysis on the impact of income on happiness. The results provided in these papers acknowledged that there is a connection between the two. Yet, other factors considered in their studies also say otherwise. Likewise, I wanted to see what these studies have concluded for myself and do my own analysis on the issue. Using data from the 2010-2014 World Values Survey (Wave 6), along with a cross tabulation analysis and Chi-Square Test, I tested the hypothesis that as an individual’s income increases, then their happiness also increases. My crosstabs confirmed this notion, but the previous reports also showed that certain elements can affect income and happiness. INTRODUCTION The correlation between income and happiness has produced numerous studies among the academic community. Prior to delving into the (complicated) discussion of the relationship between income and one’s happiness, I would like to highlight previous studies and findings available on the subject in question. To begin, it has long been assumed that income and happiness are linked. The paper written by Christopher Boyce, Gordon Brown and Simon Moore in 2010 briefly acknowledges this notion, while also providing viable explanations as to why income and happiness are not linked. For instance, according to conventional economics, money can buy happiness for it can be traded for commodities that will increase an individual’s utility
Open Document