The reporting on the relationship between happiness and income is pretty bad. If you Google ‘happiness + income’, you’ll find a ton of results about a 2010 study from Princeton University, suggesting that income and happiness are correlated until a person earns about $75,000, at which point the relationship falls apart.
There should be more than one study of such an important subject.
I also wonder about the effects of relative income. The classic "we didn't know we were poor" vs. "when you make your first million, you find out how many people have two million".
The other possible confounder on the "life satisfaction" scale is that people who are competent, effective and valued at their job are probably pretty happy about that, and they are probably also paid better than people who are not these things
What definition of "correlation" are you using here? Because the standard definition can only be between -1 and 1 but you report values outside of that range
What's the $75k look as purchasing power parity? 75k is probably great income in Nowhere, Oklahoma, but not so good in NYC
Is this pre-tax or post-tax, just wondering
There should be more than one study of such an important subject.
I also wonder about the effects of relative income. The classic "we didn't know we were poor" vs. "when you make your first million, you find out how many people have two million".
The other possible confounder on the "life satisfaction" scale is that people who are competent, effective and valued at their job are probably pretty happy about that, and they are probably also paid better than people who are not these things
What definition of "correlation" are you using here? Because the standard definition can only be between -1 and 1 but you report values outside of that range
recently saw the 2010 one on twitter, but i had to point people to this one from 2017:
https://www.semanticscholar.org/paper/Happiness%2C-income-satiation-and-turning-points-the-Jebb-Tay/9499be11a40f0fad25efe94f844cdf9b75bcb238