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Money really doesn't buy happiness - in the long term at least

13 Dec 2010 | The Telegraph

"Money doesn't buy happiness." It's an old adage that many of us like to quote but few of us really believe. However, now a new study by an economist dubbed the 'father of happiness studies' has found it to be true.

A sample of 37 nations has found that increasing happiness does not go in hand with increasing wealth. While short term studies do find a link between the two, Prof Richard Easterlin found that was not the case when one looked at countries over a period of decades.

Even in the most successful world economies of the last two decades it did not hold true. In China, South Korea and Chile - all countries which have seen per capita incomes double in less than 20 years - there have been no significant rises in happiness over that timescale.

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