Although studies show that people from rich countries are generally happier than those from poor countries, the same studies indicate that poor people lead more meaningful lives. People from rich countries have more things, which makes them happy, but poor people tend to have stronger relationships.Know More
The Easterlin Paradox proposes that while people in rich countries are not necessarily happier than people in poor countries, a rich person within a country is usually happier than a poor person from the same country.
A Gallup poll found that only one-third of people making less than $35,000 a year are happy, but all of the people making more than $500,000 a year say they are very happy.
Some studies show that the level of happiness is never satiated; a person making $1 million a year is not as happy as a person making $2 million a year.
A study by the Brookings Institution supports the theory that a person cannot be rich enough. Wealth equates to freedom and privilege and gives those who have money the ability to live and work in a number of different places in the world. Wealth also relieves the stress of meeting basic needs, such as food, clothing and shelter, which adds to the happiness quotient.Learn more about Economics
Scarcity inspires people to obtain something that they feel may be unavailable in the future. An action performed in response to scarcity can be driven by survival instinct or by the desire to exercise control over a person's circumstances.Full Answer >
The main arguments for federalism is that it prevents tyranny, it encourages people to take part in politics and it promotes democracy. Arguments against federalism include citizens being too ignorant to make pragmatic decisions, a lack of accountability due to political mismanagement and withdrawing powers from the states.Full Answer >
Inflation can be a problem when it is unexpected or very high, which can result in economic instability and people being afraid to spend money, which hinders economic growth. Furthermore, inflation can make products and services unaffordable to those on fixed-income. It can also cause creditors to lose money and create a negative impact on a country's trade.Full Answer >
Scarcity causes problems because people in the world place a lot of demand on a large variety of resources, but there are only finite amounts of those resources available. Scarcity is a measurement of supply that means the quantity or availability of a resource is low.Full Answer >