Citation Blanchflower D & Oswald AJ (2005) Happiness and the human development index: The paradox of Australia. Australian Economic Review, 38 (3), pp. 307-318. https://doi.org/10.1111/j.1467-8462.2005.00377.x
Abstract First paragraph: What is the appropriate goal of economic and social policy? In a country where people are starving, economic growth is universally viewed as the key objective. Food comes first and philosophising second. As economies get richer, however, they can afford to question the need for further riches. The work stemming from Easterlin's (1974) ideas suggests that they need to do so. Greater wealth does not seem to buy extra happiness. Indeed Blanchflower and Oswald (2004), for example, conclude that Americans' reported happiness has fallen since the early 1970s.
Journal Australian Economic Review: Volume 38, Issue 3