If wealth increases happiness, then as per capita GDP in the United States has increased, self-reported happiness should be increasing as well, right? — except, it hasn’t. In fact, just the opposite: as income has increased, self- reported happiness has steadily decreased. This is but one of the counter-intuitive puzzles that Noble laureate Daniel Kahneman explores in this thought provoking lecture on well-being, part of the Hitchcock Lecture Series at UC Berkeley. Kahneman holds the rare distinction of having been awarded the Nobel Prize in Economics as a psychologist for his work on Prospect Theory. The video is roughly an hour long.
hat tip: The Situationist