economic growth

This case is about, and whether it can buy happiness. Can money buy happiness? This question is one of the most heavily disputed and researched of all times. The case points The 5 influencing Factors Money has on happiness, and studies done by economist Richard Easterlin and young economists Betsey Stevenson and Justin Wolfers and their findings. In his study Richard Easterlin argues that economic growth doesn’t necessarily lead to more satisfaction.

Betsey Stevenson and Justin Wolfers argue that money indeed tends to bring happiness, even if it doesn’t guarantee it. (Case: The 5 Influencing Factors Money has on Happiness and Maybe Money Does Buy Happiness After All) Pro: Argument for the Case B. Stevenson and J. Wolfers argue that money indeed tends to bring happiness, even if it doesn’t guarantee it, and that income does matter. Ms. Stevenson and Mr. Wolfer say absolute income seems to matter more than relative income. In the U. S. about 90 percent of people in households making at least $250000 a year called themselves happy.

Being free of this worry can add to your happiness. (Case: The 5 Influencing Factors Money has on Happiness) Con: Argument Against the case Richard Easterlin economist at the University of Pennsylvania argued that economic growth doesn’t necessarily lead to more satisfaction. But, he also agreed that people in richer countries are more satisfied. He is skeptical tough that their wealth is causing their satisfaction. Mr. Easterlin believes that growing economically isn’t enough to guarantee peoples well-being.

Other recent research has also found that some of the things that make people happiest –short commutes and time spent with friends-have little to do with higher income. (Case: Maybe Money Does Buy Happiness After All) The 5 Factors also argue against the case with points on how money does not bring happiness. 1. The Money and Time argument states that, without our busy life styles comes the satisfaction of getting stuff done ourselves. Take that away and dissatisfaction sets in. 2. The Money and Freedom argument states that having a lot of money only encourages the pursuit of more of it. 3.

The Money and Stuff argument raises two questions; do you really need to buy expensive stuff to bring people together or make you happy? Does that stuff create a mirage of friendship with others that only leaves you dissatisfied because you didn’t have the interactions before you had the money? 4. The Money and Experiences argument states that, the experiences and the satisfaction that they produce are very short lived and don’t add any long-term value and happiness in your life. 5. The Money and Stress argument states that, money only relieves stress up to the level of covering your basic needs.

Once basic needs are covered, no further happiness is gained. Also having a lot of money can actually lead to further stress because you become worried about how to manage, preserve and grow the money. ( Case: The 5 Influencing Factors Money has on Happiness) Analysis Opinion Money does not buy happiness. It only gives us financial freedom. Happiness described in a dictionary is, a state of well-being characterized by positive emotions ranging from contentment to intense joy. People might have a different definition to what happiness means to them.

For many, it could be family, pets, education, work and or success. All things money can’t buy. A part of being happy is adaption. People learn to adapt to their circumstances. Money only conveys financial freedom. Agreeing with factor number 5, money relieves you from the stress of wondering how you will pay for past, future, and present debt. Money can also act as a teacher. People learn lessons about who, they are, through many ways, one of them is money: how you make it, spend it, share it, save it, open your hands to it, or block its flow.

Most importantly people should learn who they are, through their hearts and minds not the size of their wallet. There is no real solution to this case. It all depends on who you are, how you handle yourselves with money and how you want to be perceived by others. The kind of life you have and how well you adapt to your circumstances. In the book, The Laws of Money, The Lessons of Life, the author Suze Orman states; “Having power over money means you recognize that money is your servant. It’s here to serve your purposes as well as the world’s purposes.

Having power over your money really means you have power over your life. You determine what you need and want, and then use your money to obtain it or to create that which you feel you deserve. …. Power over your money is not being enslaved by your need of it. Who you are and what you want to create, starts with you and you alone” (pg. 171) This can be translated to; whether you have lots of it or little of it, don’t make money the focus for your happiness, just let it serve its purpose. Conclusion