Her project titled "Happiness Economics" explored the research field by the same title and whether or not people properly allocate their resources to encourage their happiness. Weeks created a simplified model economy where all goods were split into two categories: Material goods such as televisions and clothes, and Relational goods such as conversation and fellowship. The currency used to purchase these particular goods was time (though both may cost money as well). Weeks began by describing a concept that was absolutely brilliant and better still, simple to understand.
She discovered that people, American's especially, do not allocate resources in a way that promotes maximum happiness. According to the application of economic principles, we spend most of our time accumulating material goods which, according the Law of Diminishing Returns begin to become less satisfying if not dissatisfying as you in crease your consumption. When consuming Relational goods, Weeks argues, consumers do not need to worry about diminishing returns. While after the first working laptop each additional laptop becomes more of a hassle (I.E "Where am I going to put all of these fully functioning laptops?"), I am not less and less satisfied with the friendship between me and my best friend of eleven years. In fact, I am probably more grateful and satisfied with my friendship after eleven years than I was after the first three.
In addition, Weeks introduced the idea of Hedonic Adaptation. Hedonic Adaptation is what causes us to wish to climb higher and higher in the pay scale. The principle says that as income is increased, the more expensive the lifestyle becomes, and ultimately the consumer is just as satisfied or dissatisfied as she was when she has a lower income. While three years ago you could only afford a Samsung, after your raise you purchased an iPhone for which you are now impatiently waiting the upgrade. Once again you are not satisfied with your pay because what was once high quality to you is now "cheap." This problem does not effect relational goods to the same extent that it effects material goods.
You may not be as excited by these findings as I am but I find it rather impressive that Christy Weeks was able to use principles of economics to say what we have been saying for years: Money can't buy you happiness and friendship is more valuable and more satisfying than material goods.
If you didn't get a chance to attend SpARC this year I encourage you to do so next year, you would be surprised what interesting thing out Scotties are researching!
