People care about relative income, not just absolute income.... - Richard Thaler

"People care about relative income, not just absolute income. How much others earn influences our satisfaction."

Richard Thaler Happiness

Economist Psychologist American Born 1945 (age 81)

More from Richard Thaler

"Mental accounting is how people organize, evaluate, and process financial activities."

"People are not always rational. We make systematic mistakes."

"The most important thing to realize is that we are all irrational some of the time."

"Behavioral economics is the study of human choice."

"Babalú!"

"My greatest joy is making people smile."

"Laughter and love make a home."

"The best things in life are free."