By many objective measures, people today are growing up in one of the most materially prosperous periods in history. They have greater access to education, healthcare, and information than previous generations. Technological innovation has reshaped daily life in ways that would have been unimaginable even a few decades ago.

Yet despite continued economic growth, recent global happiness reports place the United States lower in life satisfaction than in previous years. Self-reported well-being has been steadily declining. According to the Global Flourishing Study, Gen Z and younger Millennials have the lowest self-reported well-being in the nation, with many feeling that their lives don’t matter and that their work has no meaning. Older Millennials are doing a little better, but still not great, with midlife pressures mounting. Gen Xers and Baby Boomers are doing best out of all the generations, but are still not doing as well as previous generations at their age.

In 2023, U.S. Surgeon General Vivek Murthy described loneliness and social isolation as a public health epidemic, noting their widespread psychological and physiological consequences.

This raises an uncomfortable question: Why do people feel less happy even as society becomes richer?

Social Comparison and a Zero-Sum Game

One explanation focuses on social........

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