Why isn’t the most important financial threshold in the inner lives of many, rich or poor, the subjective notion of fuck-you money, the first thing to study? Why isn’t there a major UN study tracking what people consider fuck-you money? Why aren’t Nobel-winning behavioral economists designing clever experiments to tease out how we think about this quantity? It is, after all, our main subjective measure of how not-free we perceive ourselves to be.
Nobody, other than bureaucrats who fund research and economists, asks the question “how much income is needed to be happy?” We already know that talking about happiness without talking about what trade-offs we are making to pursue it is meaningless. The rest of us real people ask the question “how much wealth is required to be free of scripts that dictate what trade-offs you are allowed to make?”