hedonic treadmill
n.— «Firebaugh tested what he refers to as the hedonic treadmill hypothesis, which uses a comparison of age-based cohorts. The hedonic treadmill requires a specific type of relative income effect—one where “keeping up with the Joneses” means continually increasing one’s own income, because we can be sure that the Joneses are increasing theirs.» —“Can money buy happiness?” Medical News Today Aug. 14, 2005. (source: Double-Tongued Dictionary)
Further reading
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