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Can money buy happiness? Yes, claim the authors of a new study -- but only up to a point .

Psychology has shown that richer people generally rank the overall quality of their lives more favorably than poorer people do. At the same time, their actual happiness seems to be motivated less by their ability to buy more than by being able to keep up with those with comparable resources in their own age group.

"Our findings point to the possibility that, rather than promoting overall happiness, continued income growth could promote an ongoing consumption race where individuals have to consume more and more, just to maintain a constant level of happiness," writes Glenn Firebaugh of Pennsylvania State University.

The study was presented at the American Sociological Association's 100th Annual Meeting.

Whether the affluent are happier as a whole than their less well-to-do counterparts is becoming an increasingly hot topic for debate. In recent years, much has been written regarding the "science of happiness."

Richer people are happier because money can purchase goods and services and it is the consumption of these materials that increases one's enjoyment of life and one's sense of well-being.

As incomes in the U.S. tend to rise over the course of our lifetimes, individuals may find themselves on a sort of treadmill , consuming more and more just to maintain a constant level of happiness, they write.

Firebaugh and his colleagues measured the age, total family income, and general happiness of individuals aged 20 to 64, generally considered the working life span for most Americans.

Regardless of such criteria as physical health, education, and marital status, people's happiness was affected by what others earned. The higher the income of others in one's age group, the lower one's happiness.