Economics of Happiness: Does Money Buy Happiness

http://www.aifestival.org/session/economics-happiness

The video "Economics of Happiness: Does Money Buy Happiness" is generally about two economics professors debating on whether Money can really buy Happiness. Professor Justin Wolfers from University of Pennsylvania, with lots of empirical data and graph, shows us that indeed money can buy us happiness as "richer people are generally happier than poorer people" and "richer societies are generally happier than poorer societies. Professor Robert H.Frank, on the other hand, shows us that money could not really buy happiness because of relative position: richer people might not be happy because human are constantly comparing themselves against each other, and that just pushes the standard bar higher and human become unhappy again. Overall, it relates to the lectures of "economic growth brings happiness" given by Professor Rizzo.

Is there such thing as "unhappy Millionaire"? If there is seriously no unhappy millionaire, then why George Eastman commit suicide?

If relative income matters, then humans are suppose to migrate to poorer countries, but why humans are constantly moving to richer places just to get poorer? No matter how much you earn, you are still, poor.

How can the country becomes richer but the general people are not getting any richer?

Personally I agree more to Professor Robert H. Frank that money can't buy us happiness but rather it is our feeling that makes us feel better when we compare to others.