Can Money Truly Buy Happiness?

Money. The very construct that makes up how our society functions. We all desire money because it connects to things that bring us happiness. But does it really? And what happens when it doesn’t? In our Ethics & Economics class, Portraits of Empowerment, we have discussed scarcity, tradeoffs, and diminishing marginal utility. Using these concepts, we can explore the question: “Does money buy happiness?”

There is happiness that can come from purchases, but the economic law of diminishing marginal utility says the more often you purchase or enjoy something, the less happiness you gain from it over time. This is why we have concluded that although you can “buy” happiness, it is not a sustainable way to live. “True” happiness can come from love, community, and internal virtue. This type of happiness brings a sensation of warmth and comfort, which usually cannot be found through spending money. The values of love, family, and connections are all ideas that are priceless and can bring happiness. In a world where so many experiences come with a price tag, it is easy to assume the more money you have, the happier you are. But do you believe this is true?

We believe that happiness can transcend socioeconomic status. Imagine that you are offered the choice between two jobs. One offers high pay with a poor work-life balance, and the other provides moderate to low pay but leaves you time to spend with your loved ones. Which would you choose? It is a tradeoff. Most will feel unhappy if the money they earn does not meet their basic needs. Also, a person living in a society with unlimited wants, yet contrastingly scarce resources, will feel the tug of desire for more money to fulfill those wants. Conversely, others may believe human connections and relationships hold more value than monetary and material gains.

Can money really bring happiness? And if so, how potent or long-lasting is that effect?

Molly Brugg ’30, Saachi Chadha ’30, Gitanjali Kameswaran ’30, Leighton Malone ’30, Eden Ravenell ’29, Zara Sharma ’30, Myra Wadhawan ’30, Clara Wetzel ’30