Money
(translated from French by Tom Sunic)
Of course, everybody prefers to have a little bit more than a little bit less. “Money does not buy happiness, but it does contribute to happiness” — as the saying goes. We need to find out, however, what happiness means. Max Weber wrote in 1905: “A man by ‘his nature’ does not want to earn more money; he only wants to live as he is accustomed to live and earn as much as it is necessary for him.”
Numerous investigations have pointed out a relative contrast between the rising standard of living and the level of satisfaction among individuals. Past a certain threshold, having more money does not mean more happiness. In 1974, in his studies, Richard Easterlin established that the average level of satisfaction expressed by the population has remained virtually unchanged since 1945, despite spectacular increase in wealth in developed countries. (This “Easterlin paradox” has been recently confirmed.) The failure of indices to measure material growth, such as the GDP, in order to assess the level of real well-being, is also well noted — especially at the level of a given community. There is no such service for undisputed choices that would be able to compute individual preferences in terms of social preferences. Read more