ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Based on the moderate perspective, we conclude that there is very little evidence of any relationship between income and daily experiences of happiness-and any relationship that does exist would suggest higher income could be associated with less happiness.

Detailed explanation-2: -Money contributes to happiness when it helps us make basic needs but the research tells us that above a certain level more money doesn’t actually yield more happiness. Not only did earning more money make participants happier, but it also protected them from things which might make them unhappier.

Detailed explanation-3: -Money can only give you temporary relief from the problems you’ve in your life. If you’re facing many problems in your life, money won’t bring peace to your life. Since it’s said that money cannot buy happiness and inner peace, people who have a lot of money aren’t always happy because they lack inner peace.

Detailed explanation-4: -An individual, it seems, will buy more things and spend more money when they are feeling sad, and consequently less things when they are feeling happy. This is documented pretty well, and Nitya Mallikarjun’s answer links to an article by a group called “Marketing Professionals” that states this rather plainly. Great.