Kara was earning $40,000 per year. When her income rose to $60,000 per year, she enjoyed the higher level of consumption for a while, but eventually she was no more happy than when she earned $40,000 (assume prices didn't change over this time period). Economist Richard Easterlin described this as .
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South Africa in the 21st Century - Bibliothek der Friedrich-Ebert ...
by P Pillay · Cited by 12 — Foremost amongst these are the following ... The six key socio-economic challenges described in this paper relate to: 1. ... Specifically, what are the consequences for unemployment.