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Of course, the analysis is nonsense. More money will make you happier. However, when people look at these observational data sets, they fail to take into accoun
by nanis 11y ago
Of course, the analysis is nonsense. More money will make you happier. However, when people look at these observational data sets, they fail to take into account that more money is usually correlated with more effort or more opportunity cost.
As a side note, the appeals to cardinal utility and interpersonal utility comparisons set us back by more than a century and are embarrassing.
- robertwiblin 11y ago"more money is usually correlated with more effort or more opportunity cost." Both of these are discussed. I think it's the failure to do interpersonal utility comparisons that were a huge ridiculous diversion in economics and I'm glad that mistake is falling out of fashion in favour of pragmatism.
- nanis 11y agoNot discussed, glossed over. The whole thing reads like Chelsea Clinton's "I tried to care about money, but I just couldn't."