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KMID : 1124020220380030063
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Korean Social Security Studies
2022 Volume.38 No. 3 p.63 ~ p.84
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A Study of the Income Satiation Point of Happiness among Koreans
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Moon Jin-Young
Lee Chang-Moon
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Abstract
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According to the Easterlin paradox (1974), which pioneered the study of happiness, happiness level does not increase after a certain point of income (satiation point), while the rich are happier than the poor. Here, the key concept of the Easterlin paradox is the income satiation point. In this regard, this paper aims to analyze the Easterlin paradox in Korean society in ways firstly to ask if there is a satiation point among Koreans, and secondly, if so, how much it is by the Korean national currency.
For this purpose, Chapter 2 examines the Easterlin paradox, income satisfaction point of happiness, and human needs theory. Chapter 3 analyzes Korea as a single case in ways first of all, whether there is an income satiation point, and second, how much it is by the national currency. Using the data from 2017 to 2021 of the Korean Welfare Panel, we prove that there is an income satiation point among Koreans, and it was around 90,050,000 Won for a person and 155,780,000 Won for 3 person households in 2021. Chapter 4 discusses and duly concludes that more in-cash benefits are necessary for the vulnerable people in the current economic recession.
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KEYWORD
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The Study of Happiness, The Easterlin Paradox, Income Satiation Point of Happiness, Relative Income Hypothesis, Human Needs Theory, Relative Concern
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