I've asked academic economists about this, albeit indirectly. I've asked if any studies of the effect of advertising have ever been made, if they've been replicated, etc etc. I tried to vary phrasing, and use the jargon.
I got a lot of "I don't know" and variants. It seems difficult to google up references, because the key words are common words.
As a loner, one night I was sitting with friends, talking and laughing and I thought "I'm really happy right now! So this is what I've been missing, a social circle!". There are also many articles written about how having a good group of friends improves your health so much as you grow older.
Admiteddly we were sitting in a restaurant, where the food and drink cost money.
Well money does significantly increase happiness, up to a point. The hard part as an individual is recognizing when you have hit that point. If you can realize it, then as your income grows you can avoid increasing spending which means you can save more and spend less years working. Working just to make and spend more money that doesn't substantially increase happiness.
