--- title: "Meaning & Key Takeaway of: It is actually a rather sorry tale. In…" description: "\"“It is actually a rather sorry tale. In the late nineteenth century most English economists thought that economics was about happiness. They thought of..." image: "https://sms4smile.com/quotes/i/94c/richard-layard-72340_economics_it-is-actually-a-rather-sorry-tale-in-th_299999.jpg" --- # It is actually a rather sorry tale. In the late nineteenth… ![“It is actually a rather sorry tale. In the late nineteenth century most English economists thought that economics was about happiness. They thought of a persons happiness as in principle measurable, like temperature, and they thought we could compare one persons happiness with anothers. They also…” quote by Richard Layard](https://sms4smile.com/quotes/i/94c/richard-layard-72340_economics_it-is-actually-a-rather-sorry-tale-in-th_299999.jpg) [Download](https://sms4smile.com/quotes/i/94c/richard-layard-72340_economics_it-is-actually-a-rather-sorry-tale-in-th_299999.jpg) [Open image](https://sms4smile.com/quotes/i/94c/richard-layard-72340_economics_it-is-actually-a-rather-sorry-tale-in-th_299999.jpg) > ““It is actually a rather sorry tale. In the late nineteenth century most English economists thought that economics was about happiness. They thought of a persons happiness as in principle measurable, like temperature, and they thought we could compare one persons happiness with anothers. They also assumed that extra income brought less and less extra happiness as a person got richer.”” Richard Layard ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Economists once treated happiness as a measurable quantity, assuming diminishing returns of income on well‑being. **In simple terms:** Happiness was seen as a temperature‑like metric, with income adding less joy as wealth grows. Key Takeaway Recognize limits of income for happiness. Themes economics well‑being measurement inequality Mood analytical reflective Type explanatory philosophical When to use this quote - policy design - personal finance - public health - social research Key Concepts utility theory diminishing marginal utility subjective well‑being Questions to Reflect On - How do we measure happiness beyond income? - What policies can improve well‑being without raising income? A Different Perspective Income alone cannot guarantee lasting happiness. ★ ★ ★ ★ ★ No ratings yet [Economics](https://sms4smile.com/quotes/about/economics/) [Economists](https://sms4smile.com/quotes/about/economists/) [Happiness](https://sms4smile.com/quotes/about/happiness/) ## Related quotes > [The conclusion to which I am ever more clearly coming is that the only hope of attaining a true system of economics is to…](https://sms4smile.com/quotes/william-stanley-jevons/the-conclusion-to-which-i-am-ever-more-clearly-coming-is-that-the/) [William Stanley Jevons](https://sms4smile.com/quotes/author/william-stanley-jevons/) > [“When economists base their models on their fantasies of an "economic man" motivated only by self-interest, they forget community--the all-important web of meaning we…](https://sms4smile.com/quotes/cacilda-jeth/when-economists-base-their-models-on-their-fantasies-of-an-economic/) [Cacilda Jethá](https://sms4smile.com/quotes/author/cacilda-jeth/) > [“Economists who simply advised leaving the economy alone, governments whose first instincts, apart from protecting the gold standard by deflationary policies, was to stick…](https://sms4smile.com/quotes/eric-j-hobsbawm/economists-who-simply-advised-leaving-the-economy-alone-governments/) Eric J. 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