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The things we do: How money can buy you happiness

Roxanne Bauer's picture

People have been arguing for centuries about whether or not money can buy happiness. New research provides a fuller understanding of the relationship between what we earn and how we feel.

ambodian farmer, Khout Sorn, stands in front of his banana trees in Aphiwat Village, CambodiaIt may seem a bit obvious: people with higher incomes are, generally speaking, happier than those who struggle. They worry less about paying their bills, they have greater choice in where they live or how they work, and they can provide creature comforts for themselves and their loved ones.  However, wealth alone is not a golden ticket. Indeed, what kind of money one has and how they spend it matters a lot more than a large income. 

The basics on happiness
When looking at all of these research results, it’s important to understand what is meant by the term ‘happiness’. Those in the field of happiness research divide it into two components, and individuals need both to be truly happy. But only one of those components keeps improving the more you earn. The other tops out after a certain point.

Are We Measuring the Right Things? The Latest Multidimensional Poverty Index is Launched Today – What do You Think?

Duncan Green's picture

I’m definitely not a stats geek, but every now and then, I get caught up in some of the nerdy excitement generated by measuring the state of the world. Take today’s launch (in London, but webstreamed) of a new ‘Global Multidimensional Poverty Index 2014’ for example – it’s fascinating.

This is the fourth MPI (the first came out in 2010), and is again produced by the Oxford Poverty and Human Development Initiative (OPHI), led by Sabina Alkire, a definite uber-geek on all things poverty related. The MPI brings together 10 indicators, with equal weighting for education, health and living standards (see table). If you tick a third or more of the boxes, you are counted as poor.