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Money doesn’t make people happy? This is not totally true. Some years ago, Justin Wolfers and his wife Betsey Stevenson attacked this old belief with carefully analyzed data. In the meantime, they have got a lot of support. One example: In the aftermath of an interview, nobel prize winner Daniel Kahneman told me he had similar conclusions – his only problem was that Wolfers and Stevenson had published their work earlier.
Now, a discussion about their findings has started. The proponents of the old thesis, especially Richard Easterlin, defended their view. In the following interview, Wolfers announces a new paper in which he wants to deal with this critique.
But the main point of the video is that Justin Wolfers explains his findings. A German translation can be found here.