Ng, Yew-Kwang - In: The Singapore economic review : journal of the Economic … 47 (2002) 2, pp. 199-212
Recent happiness studies show that income explains only 2 per cent of the variance in happiness. Quality-of-life indicators also correlate less with income but more with advances in knowledge at the world level. Individuals and nations still engage in the rat race for higher incomes due to the...