Mike asks whether this is illustrates pessimistic bias. Off the top of my head, I think there is some merit to the idea that what matters is not our absolute level of income, comfort, whatever but rather how those levels exceed (or fall short of) our expectations. This isn't to say that money can't buy happiness, though.
The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
