Money may not buy happiness, but it’s foolish to think they’re unrelated. Insight, the magazine of the Chicago School of Professional Psychology, links psychology, economics, and the current recession in an interesting piece:
“We’re in a happiness recession,” says economist Justin Wolfers, associate professor of business and public policy at the University of Pennsylvania’s Wharton School. “We have found the most robust determinant of happiness to be the current state of the economic cycle.”
Dr. Wolfers and colleague Betsey Stevenson have studied three decades of data produced by the Gallup-Healthways Index and several earlier polls that measured subjective well-being (the Gallup World Poll, the World Values Survey, and the U.S. General Social Survey) and identified strong parallels between general well-being and the ups and downs of the economy. Low points plotted on their “happiness charts” occurred in 1973, 1982, 1992, and 2001, each a year at the center of an economic recession.
For the full article: http://insight-magazine.org/2009/headline/the-happiness-recession/