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This paper discusses the relations between economic development, family income, and happiness in post-communist Poland from the point of view of Inglehart’s theory of modernization. The happiness is understood as satisfaction with income and life, and as psychological well-being. The analysis of survey data yields the conclusion that economic development reduces the strength of the relations between income and satisfaction as well as between income and psychological well-being. These findings may be explained by changes in the value system from collectivist/materialist to individualist/post-materialist, even when these values are not directly measured. The analyzed data are from a series of representative surveys conducted in Poland during a period of political and economic transformation (i.e., between 1989 and 2008). Official statistical data on Polish economic development during the same period are used as a background for survey results. The relations between income and happiness change in Poland in a way consistent with Inglehart’s modernization theory.

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