On the Pursuit of Happiness & the Big History of Money
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Abstract
The link between happiness and income has long been a focus across several academic disciplines. Two factors are, however, conspicuous in being undervalued for their potential for relevance. The first is, very simply, the kind of money people use – its characteristics and its quality, and the second is whether the type of money in use has an effect on how humans experience happiness. We consider both here. A Big History of Money is outlined based on key epochs in the evolutionary history of money systems. Some general associations of these epochs with structures in the brain are highlighted, especially with respect to their capacity to influence wellbeing. The effects of money on subjective wellbeing are significantly modulated through the mechanisms of the brain’s reward system; the most recent epoch of fiat money systems has also seen a worsening of several factors accretive to happiness. This calls for far more attention on the quality of money in circulation and a closer look at past epochs in the Big History of Money for useful insights.
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