Frank argues in \"Falling Behind\" that \"having more income\" and \"being bette

Question

Frank argues in "Falling Behind" that "having more income" and "being better off" are not necessarily the same thing because:

Relative income matters; a person making $50,000/year will feel a lot better if that's an average income, than if it's much less than his peers.

Income security matters; a $50,000/year income that can be counted on, where there's not constant stress of losing it, with little safety net, creates more wellbeing than an insecure $50,000 with an ongoing risk of ruin.

Relative income matters with regard to position. For example, a $50,000 income will allow a person to live in a safer neighborhood if it's in the 70th percentile of income than if it's in the 10th.

All of the above.

a)

Relative income matters; a person making $50,000/year will feel a lot better if that's an average income, than if it's much less than his peers.

b)

Income security matters; a $50,000/year income that can be counted on, where there's not constant stress of losing it, with little safety net, creates more wellbeing than an insecure $50,000 with an ongoing risk of ruin.

c)

Relative income matters with regard to position. For example, a $50,000 income will allow a person to live in a safer neighborhood if it's in the 70th percentile of income than if it's in the 10th.

d)

All of the above.

Explanation / Answer

d) all of these are the reasons of having more income and being better off can be different

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