A statement that no one without money really believes, but one that is nonetheless increasingly becoming evidence based. That is what this book is about.

So does money matter? The simple answer is, not as much as we might expect it to. Increases in income may improve mood for a short while but over the longer term the initial ‘high’ mellows out as the new-found wealth just becomes a part of everyday living and desires and expectations lead to feelings of inadequacy and dissatisfaction. So if money is not the answer, then what is? This book will answer this question by considering the evidence along three key themes: firstly, by providing a critique of the economic idea that the richer societies are, the more people can consume and the happier they will be; secondly, by considering the social idea that unequal societies are unhappy; and thirdly, by proposing the ‘welfare’ idea that well-being is part of a quest for contentment which has a range of dimensions, and is not based only on the acquisition of wealth.

One of the principal ways of understanding well-being has been the adoption of ‘utility’ by economists, which equates wealth and consumption with satisfaction. So, whether this is through clothes, furniture, a season ticket, a lottery win or promotion, every time something new is purchased or income is increased wellbeing will be enhanced. There is no doubt that western nations have become richer, lives have been enhanced and standards of living have increased, but people are no happier as a result. Increased choice and increased consumption opportunities have not always brought greater satisfaction, with the flip side of the hedonic consumer coin being the anxiety, distrust and disillusionment that results from an unequal distribution of the profits and benefits born of capitalism.

This is not to say that all market activity, and its related economic growth, is detrimental (Reeves, 2002a) – nor that capitalism is unworkable in the move towards sustainable development and the associated measures of well-being (Porritt, 2005). Some developments have been beneficial, through improving quality of life where goods and services have become available to those who might not otherwise have access (Frank and Cook, 1995; Reeves, 2002a).