Pre-print, Working paper: The well-known Easterlin Paradox notes that, at the aggregate level, GDP growth does not seem to produce higher levels of well-being. Subjective Well-Being Data allow us to model directly the relationship between well-being and income. Empirical work then uncovers correlations that are consistent with social comparisons, adaptation and anticipations: these together may well produce a net correlation between well-being and income that is close to zero. Anticipations about future income play a positive role in individual well-being. The relationship between anticipations and others' income is key in this research. In a more mobile world, others' higher income may increase my well-being, because I have a good chance of sharing their good fortune in the future; in a less mobile world, others' income may reduce my well-being, as others' higher income tells me little about my own future prospects, and sentiments of envy prevail.