Abstract
In 1974, Richard A. Easterlin, a coauthor of the work by Easterlin et al. (1) in PNAS, published a seminal article (2) that has generated a huge literature. It sought to explain why the happiness score in the United States (and elsewhere) had stayed roughly constant, whereas income per capita had trended up. This evidence has come to be known as the Easterlin Paradox. His explanation was that economic growth has a positive effect on happiness with other things being equal; however, it also raises aspirations, and aspirations have a negative effect. Aspirations are determined by society, particularly reference group income. The combination of these two effects gives rise to a Hedonic Treadmill.
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