been affected across six countries (China, South Korea, Japan, Italy, UK and US). We first document changes in income … changes to their lives, and overall they are less supportive of these measures. These patterns are less clear across income … groups: while some countries have managed to shield lower income individuals from negative consequences, others have not. We …

The answer is that people's evaluations of their income situation are based on different considerations when the … of others undercuts the tendency for happiness to grow with an increase in one's own income, and happiness remains fairly … for income evaluations turns inward. "Financial hardship", the shortfall from one's own previous peak income, takes over …