10 Oct 2012

It's not about the money

Russ Roberts interviews Robert Skidelsky on his new book (How Much is Enough?) where they discuss the difference between money (an input) and happiness (an outcome).*

Skidelsky says (at 32 min) that these factors make us happy:
  • Health
  • Security
  • Respect
  • Personality
  • Harmony with Nature
  • Friendship
  • Leisure
I agree, as these are outcomes that we can get through a combination of money, personal effort and participation in a functional society.

I'm doing well on 7/7. Are you? And if not, can you do something about it?

* Economists know the difference between the two (we study the "maximization of utility," a jargon word for happiness), but non-economists often conflate the two, with the sad result that they pursue money assuming that it will make them happy.

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