QUOTES OF THE DAY
“To succeed, jump as quickly at opportunities as you do at conclusions.” Benjamin Franklin
“Far and away the best prize that life offers is the chance to work hard at work worth doing.” - Theodore Roosevelt
"Of course money can't buy happiness, but it can make you awfully comfortable while you're being miserable.” - Claire Boothe Luce
“Money is numbers and numbers never end. If it takes money to be happy, your search for happiness will never end.” - Bob Marley
SUMMARY
We all want to be happy. Most people strive for happiness and consider it an intrinsically valuable end. Some scholars even claim that it is the ultimate human goal. Businesses recognize this and often try to capitalize on it by "selling" happiness or the sort of things that they believe can make people happier.
Happiness is also an important psychological resource. Happier people are healthier, more creative, and have more successful marriages. Happier employees are more engaged and productive. Even if corporations are self-interested, they are starting to realize that creating an engaging and fun environment can increase their profits.
But what exactly is happiness? What is the role of happiness? Are there universal rules you can follow that can make you happy? Are people good at predicting their future happiness? Can money buy happiness? How can you define success and can success lead to happiness?
QUESTIONS TO THINK ABOUT AS YOU DO THE READINGS
1. What is happiness? What is well-being? How do you define success?
2. Does success lead to happiness or does happiness lead to success? Why?
3. Can money buy happiness? If yes, how? If not, why?
4. What is the theory of hedonic adaptation? What is the set-point theory?
5. What ranks higher on the scale of happiness: health and interesting job or a luxury car and the latest tech gadget and why?
6. Are we happier than our great-grand parents? Are Americans happier than people in poorer countries? Are these patters surprising? What explains these patterns?
7. What is the function of happiness? In other words, why are we happy?
8. What do we mean when we say that happiness is a psychological resource? Why is this important for businesses and organizations?
9. What is Eudaimonic well-being? How is it different than happiness? Which type of well-being is entrepreneurship more likely to enhance?
10. Are people motivated by motivated largely by money? If not, what kind of factors truly motivate us?
11. What is the best way to spend your money to increase happiness according to the latest research?
12. What is the role of expectation/anticipation when it comes to happiness?
13. What is the difference between the remembering and the experiencing self? Why is this important?
14. What is the impact bias and how does it affect your affective forecasting?
15. What are the most important ingredients for happiness according to Epicurus?
16. Is happiness contagious? Why is this important?
17. What percent of your happiness is genetic? What percent is determined by external factors? What about the remaining variation?
18. What are the causes of happiness according to Epicurus? Do you agree with him?
19. What motivates people according to Daniel Pink? Do you agree with him?
20. Do you think that you have one true calling? Is not having a one true calling a bad thing?
21. What does Melissa Schilling mean by higher purpose? Who are the breakthrough innovators that had this trait?
REQUIRED READINGS/VIDEOS
- Melissa Schilling (2018). Quirky: The Remarkable Story of the Traits, Foibles, and Genius of Breakthrough Innovators. (read only ch. 4 on Higher Purpose)
- Futrelle, D. (2005). “Can Money Buy Happiness” Money Magazine [read here]
- Dunn, Gilbert and Wilson (2011). “If money doesn’t make you happy, then you probably aren’t spending it right.” Journal of Consumer Psychology. 21: 115-125 [read here]
- Why some of us don't have one true calling [watch here]
- The 8 secrets to success [watch here]
- Epicurus on Happiness [watch here]
- The surprising truth about what motivates us [watch here]
OPTIONAL MATERIALS
- The happy secret to better work [watch here] We will watch in class.
- Building an $80m-a-year-business out of stress [read here]
- The Price of Happiness [watch here]
- The $500m smiley face business [read here]
- Motivated Employees Can Increase Profits by Almost 50% [read here]
- Why Millennials Are Unhappy [read here]
- Why 30 is not the new 20 [watch here]
- Why Going Back to a Flip Phone Will Make You a Happier and More Successful Person [read here]
- Daniel Gilbert: The surprising science of happiness [watch here]
- How to avoid buyer’s remorse [read here]
- Do what you want to do [read here]
-The 30-year-old retirees [read here]
ASSIGNMENTS
1. Take Quiz 8: Success & Happiness (due on Oct 25 at noon on Canvas)
2. Complete Discussion 1: Success & Happiness (due on Oct 25 at noon on Canvas)
Many people start businesses to make more money. But a greater number of people start new ventures to gain freedom and independence and are even willing to sacrifice a higher salary in order to do what they love every day by being their own boss. This is because for most people money is just a means to achieve a better life. Ultimately, what most people want is a life full of happiness, which is something we intrinsically value.
But what is happiness and how can you achieve it? You may find some of the insights from the science of happiness rather counter-intuitive and surprising.
Read the article by David Futrelle “Can Money Buy Happiness.” Based on the reading, discuss whether money can buy happiness? Make sure to explain the role of relative vs absolute changes in wealth, the hedonic treadmill, and the set point theory. Give examples from the text to support your answer (e.g., what ranks higher on the scale of happiness: health and interesting job or a luxury car and the latest tech gadget and why?).
Next, watch the following video. In the second paragraph, discuss what are the three most important “ingredients” for happiness according to Epicurus? Out of these three ingredients, which is the most important one for you?
In the third paragraph, explain whether you agree with Futrelle and Epicurus? Do you think that money can make you happy? Do material possessions bring you long-lasting happiness or do they often fall short of delivering on their promise to make you happy? Do you think that relative income (comparisons) is more important than absolute income? And do you define money with success?
Finally, find a product that promises happiness through its ads or some of the other factors that bring happiness (for example, like this video). What is this product and how is the company trying to induce people to buy it? Do you believe that this promise can be fulfilled? Do most companies use this type of strategy when advertising their products? Is this a good strategy? What is the problem with this approach according to Epicurus?