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People spend a large portion of their daily lives earning money and thenconsequently spending it Diener Biswas-Diener 2002 Money is anessential part of human life Recently economic development has been acause for concern for policy-makers as it has been disproportionatethroughout nations Modern society seems to hold both respect andcontempt for the rich rich people are perceived as more intelligent andsuccessful but also as cold and unfriendly Does having a higher incomelead to greater happiness in life Social scientists are concerned withthis question not only for academic purposes but because it also holdsimplications for how all individuals can structure their lives LucasDyrenforth Diener 2008 This paper aims to discuss various aspects of subjective well-beingThere has been an increase in literature on this topic in the fieldlately and there has been a considerable amount of research to presentsome general conclusions The primary purpose of this paper is tofurther understand the theory of subjective well-being and itsrelationship with income and income inequality This paper will beginwith a brief description of subjective well-being and how the measurewas derivedThe review will then discuss correlates of subjective well-being withpersonality and other indicators Then the literature of incomeassociated with subjective well-being will be broken down to understandthe impact that income can have on ones subjective well-beingTheories of hedonism and social comparison will be explored Then thepaper will transition to examine the impact income inequality has onincome as well as life satisfaction and happiness Lastly this paperwill discuss future directions for research and offer suggestions forpolicies as well as for policy makers to aid in creating interventionsto improve subjective well-being The Theory of Subjective Well-BeingSubjective well-being is a representation of peoples evaluations oftheir lives through cognitions and feelings Subjective well-being helpsrepresent peoples thoughts and emotions about whether their lives arerewarding Diener 2012 Subjective well-being is an important area ofstudy because it helps predict future and present quality of lifeoutcomes for people Evidence suggests that high subjective well-beinghas also shown
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