Economics is much more that the study of the next movement in interest rates, though that's the reason for the life-form known as bank economists. It is about the study of social behaviour, the choices we make and the inevitable trade-offs we face when preferring one thing over another. One of the points of confluence between psychology and economics for instance is identifying what makes people happy or satisfied. In this sphere a series of US and European surveys over the years has identified the drivers of happiness. The day of death is not our happiest but by age 40 people generally have come to terms with what is possible in their lives and thereon become more satisfied with it.
More income raises happiness but with very finite limits.
Income or wealth matters but its impact dulls after we acquire a minimum. Loss of a job, is amongst the strongest blows to our happiness that can arise. The cost of funding the vast welfare state there is high unemployment and on the happiness scale that's a body blow - but only for the poor suckers out of work of course. In other words high levels of the dole doesn't compensate. Loss of a soulmate is the biggest blow to happiness identified in the surveys.