Easterlin Paradox

Easterlin Paradox

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Medium:  Paradox
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Release Message:  For countries with income sufficient to meet basic needs, the reported level of happiness does not correlate with national income per person. Authored by Richard Easterlin.
Description:  Easterlin is in particular known for his 1974 article "Does Economic Growth Improve the Human Lot? Some Empirical Evidence" and the Easterlin paradox which he stated there, namely that, contrary to expectation, happiness at a national level does not increase with wealth once basic needs are fulfilled. He is also known for the Easterlin hypothesis, which states that the positive relationship between income and fertility is dependent on relative income (income relative to aspirations).