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Historically, economists have said that well-being is a simple function of income. However, it has bean found that once wealth reaches a subsistence level, its effectiveness as a generator of well-being is greatly diminished. This paradox has been referred to as the Easter in paradox. This means that aspirations increase with income; after basic needs are met; relative rather than absolute income levels influence well-being. Happiness economists hope to change the way governments view well-being and how to most effectively govern and allocate resources given this paradox. However, other research suggests that no paradox exists, and happiness is linearly related to the logarithm of absolute (real, PPP-adjusted) income, with little or no relative income component.
Money correlates with happiness, but the rate diminishes with more money. In 2010, two economists found that higher earners generally reported better life satisfaction, but people’s day-to-day emotional well-being only rose with earnings until a threshold annual income of $75,000. Other factors have been suggested as making people happier than money. One study, when corrected for social status, showed no correlation between income and happiness.
