Archive for April, 2019
Money buys happiness unless you get caught up in the Easterlin paradox
Posted by mark in Uncategorized, Wellness on April 23, 2019
The March 23rd issue of The Economist provides an interesting graphic on GDP per person—a measure of wealth—versus self-reported happiness. Overall it shows an upward trend that increases life satisfaction by 0.7 points (on a 10-point scale) as GDP doubles.
China is a prime example of money buying more happiness. Sadly, us citizens of the USA (and many European countries) are subject to the Easterlin paradox, which puts a limit on how satisfied people get as their income rises, beyond which money cannot buy more happiness.
Check out this interactive online version of the happiness vs wealth posted by The Economist. There, if American, you will see with some satisfaction (misery liking company) that Netherlands and several other wealthy countries share our downward trend. However, Germany and Britain remain on the upswing. (I wonder with Britain now in the throes of Brexit if their GDP will shrink and, if so, suspect that their happiness will also fall off.)
So, bottom line, for those of us stuck in the paradox, would you rather be richer or happier? That is a tough question!
The Economist claims to master forecasts for major men’s golf tourneys
The Masters, the first of four major men’s golf tournaments this year, reaches its midway point today. Many fans are following Tiger Woods to see if he can complete his comeback by adding a 5th Green Jacket to his collection. A gambler in Nevada bet $85,000 on Tiger to win for a $1,190,000 payoff. Check out his current chances at this Economist Advantage in Likelihood Estimate (EAGLE) forecaster. Their algorithm likes Tiger’s chances more than his Official World Golf Rankings would indicate. If you enjoy golf as well as statistics, EAGLE will hit the spot. Check it out!