Final answer:
Research has shown that money can increase happiness to a certain extent, as it fulfills basic needs and improves life satisfaction, but this effect plateaus beyond a certain wealth threshold. Studies by Diener and Biswas-Diener, Johnson and Krueger, and Quoidbach et al. support this, while David Myers underscores the societal belief in the pursuit of wealth for happiness.
Step-by-step explanation:
Several studies have indicated that money can contribute to happiness up to a certain point. For instance, Diener and Biswas-Diener's literature review suggests that while money is associated with subjective well-being, the correlation is complex and influenced by various factors such as needs fulfillment and relative income. Similarly, Johnson and Krueger illustrate the interplay between genetics, environmental processes, and finance in the pursuit of life satisfaction.
Moreover, Quoidbach et al. demonstrate a dual effect of wealth on happiness, showing that while initial gains might improve well-being, long-term wealth may not guarantee sustained happiness. Diener et al. further break down the influence of wealth, distinguishing material prosperity's link to life evaluation and psychosocial prosperity's connection to positive emotions.
David Myers' research contextualizes these findings, highlighting a common belief among people, including students, that greater wealth will lead to greater happiness, despite evidence suggesting that after reaching a financial threshold, the return on happiness levels off.