““We are bound by our reference group. If we feel we are doing better than the people we compare ourselves to, we are happy with our economic situation; if we feel we’re doing worse, we feel pretty lousy. That’s why bus drivers are more content than stockbrokers. All bus drivers make roughly the same, and the rules about who makes more (seniority, overtime) are clear-cut. But stockbrokers always have someone much wealthier than themselves to compare to, and how you get to the most exalted level is much more a matter of luck and chance than hard work. Another way of saying the same ugly fact: If everyone’s income goes up, we’re all happier, but if my income goes up more than others, I’m more happier.””
