originally published 7/1/2000

In this feature, two authors discuss the myth that money can buy happiness. First, psychologist David Myers, author of The American Paradox: Spiritual Hunger in an Age of Plenty (Yale, 2001), examines family and social capital and asks, “If we’re so rich, why aren’t we happy?” During the period he has studied, 1960 to 1993, the average American’s income doubled. Yet during that time, social indicators of happiness plummeted. Myers discusses how the research shows a very loose link between wealth and happiness, and that an individual’s personal traits, relationships, and faith commitments and community are much better indicators of happiness than is wealth. He believes that a renewal of communitarian virtues can counter the individualization that he believes is a partial cause of unhappiness.

Then, Robert Frank, author of Luxury Fever: Why Money Fails to Satisfy in an Era of Excess (Free Press, 1999), discusses issues of conspicuous consumption, competitive spending, and status from the perspective of an economist. This feverish form of status-escalation is personally and socially destructive, Frank believes. But rather than exploring moral arguments about the dangers of luxury and of envy, he focuses on the incentives that drive people to spend more on the goods they buy rather than being content with less. These interviews were originally published on Volume 44 of the Journal.

22 minutes

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