TITLE

Gregg Easterbrook on 'The Glass'--Half Empty...or Half Full?

PUB. DATE
December 2004
SOURCE
Journal of Financial Planning;Dec2004, Vol. 17 Issue 12, p10
SOURCE TYPE
Academic Journal
DOC. TYPE
Interview
ABSTRACT
This article presents an interview with Gregg Easterbrook, author of The Progress Paradox, on financial planning. Originally Easterbrook plans to write a book that simply argued that most trends in society were positive. This was in the late 1990s, before terrorism and when the economy was booming. For the majority of people, times had never been better. The more he listens to talk radio or political debate, it sounded as if U.S. was about to collapse. So he thought there was a huge disconnect between reality and what people were hearing and he wanted to make an argument about that. Then he came across all the psychological research that indicated people were no happier as a result of everything getting better. According to Easterbrook, financial advisors are obligated to act in the client's best interest. Big increases in income and assets do not necessarily bring big increases in happiness. A number of studies have been done on the Forbes 400 and they are no happier than the population as a whole. As a society, most people want more. But when pollsters ask groups of people how much money they need to live well, most people give a figure about twice as much as they earn. But the research shows that getting more in and of itself does not necessarily improve the sense of well-being and happiness. INSET: Can Happiness Buy Money?.
ACCESSION #
15309169

 

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