Income and Happiness: An Imperfect Link

Interesting article from The Times yesterday about the (tenuous) connection between income and happiness: Survey's have found that "when everyone’s income grows at about the same rate, average levels of happiness remain the same. Yet at any given moment, the pattern is that wealthy people are happier, on average, than poor people. Together, these findings suggest that relative income is a much better predictor of well-being than absolute income."