He focuses on the absence of negative feelings. He's almost Eastern. And I think this is in fact the largest part of the subjective sense of well-being. The importance of the absence of anxiety and worry is why it is plausible that money has a fairly strong non-relative effect well up the income scale. There is always some worry that having a bit more helps alleviate.
By the way, Big Think has a lot of interesting stuff. I think of it as mono-vlogging.
Will Wilkinson 