Not to be contrary, but the last line of the summary in the wiki article is:
The hedonic treadmill viewpoint suggests that wealth does not increase the level of happiness
I would infer from that, that increased wealth has increasingly diminishing returns after a certain point.
I did try to follow the link, but Investopedia broke it on their end and I can’t seem to find it (aside: wooof, that is a bad layout). Any good sources for me?
The phenomenon is called the Hedonic Treadmill
NO IT’S NOT, THESE ARE TWO DIFFERENT PHENOMINA.
Diminishing returns: My first dollar buys a loaf of bread necessary for my survival, my millionth buys me 0.01% of a sports car.
Hedonic treadmill: Neither my sports car nor loaves of bread seem as wonderous to me after they’ve become a part of my routine.
Not to be contrary, but the last line of the summary in the wiki article is:
I would infer from that, that increased wealth has increasingly diminishing returns after a certain point.
I did try to follow the link, but Investopedia broke it on their end and I can’t seem to find it (aside: wooof, that is a bad layout). Any good sources for me?