This is a study of the relationship between levels--the level of wealth and the level of happiness. I wonder, is there a relationship between the growth of wealth and the level of happiness? A long time ago I read Brad Delong's review of a book by Ben Friedman, in which Delong wrote:
...modern society is a bicycle, with economic growth being the forward momentum that keeps the wheels spinning. As long as the wheels of a bicycle are spinning rapidly, it is a very stable vehicle indeed. But, he argues, when the wheels stop—even as the result of economic stagnation, rather than a downturn or a depression—political democracy, individual liberty, and social tolerance are then greatly at risk even in countries where the absolute level of material prosperity remains high
I wonder if this would show up in happiness data. Has anyone done the simple panel data regression of happiness on growth rates of GDP, rather than per capita GDP?
Update: Thanks to Jonathan nation for a correction.