"There is a paradox at the heart of our civilization. Individuals want more income. Yet, as society has got richer, people have not become happier" (Layard, 2003). Critically assess this statement from a behavioural economics viewpoint. In your answer, refer to the approach and findings of happiness economics, and discuss the implications for economic policy.

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The statement Individuals want more income Yet as society has got richer people have not become happier touches upon a significant paradox that has been extensively explored in the field of happiness ... View the full answer