It is difficult to measure such an inherently subjective concept as happiness. Nevertheless, it is imperative to remember that the economy exists for the people, not the other way around, and therefore ensuring high subjective wellbeing is a valid priority. The article states that the ongoing global increase in income inequality does not necessarily make people poorer or unhappier. If the rich and the poor get richer at different rates, the objective wellbeing of the poor will still increase. Their subjective satisfaction will depend on the influence of many different factors. The assertion that income inequality lowers subjective wellbeing due to the perception of unfairness remains unproven. It seems as though the nuances of varying cultural and individual beliefs about inequality and fairness make it difficult to establish a universal relationship between those concepts.
The other significant topic examined in the article is the difference in subjective wellbeing between people in poor and rich countries. According to the article, wealth has a much stronger impact on happiness in poorer countries, where it has a direct impact on satisfying basic needs. In richer countries, the relationship between prosperity and wellbeing is less clear, and subjective comparisons begin to have a greater impact on happiness. This observation supports Keynes’ prediction that once “the economic problem is solved, mankind will be deprived of its traditional purpose,” complicating the problem of human happiness. Given the psychological complexities involved, making affluent populations happy may be beyond the remit of economics. However, the article proves that reducing absolute poverty is more in social interest than reducing inequality, as it has a higher impact on human happiness. While there is no universal standard for a fair share, it should be easier to agree on a basic minimum necessary for a happy life.