For many decades, critics of economic development argued that rising incomes and greater material abundance did not lead to higher levels of happiness. In 1974, Richard Easterlin from the University of Southern California noted that people in richer countries were not happier than people in poor countries. Subsequent research found that the so-called Easterlin Paradox did not exist. Instead, happiness seems to increase with affluence. Today, a different kind of criticism is gaining round. Happiness may be increasing, the critics of economic development concede, but life in a modern capitalist society is more and more devoid of meaning. What are we to make of this criticism?
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