Prof Satoshi Araki has published a co-authored article (with Shiyuan Li, Peking University) "The shifting happiness return to higher education over 50 years: causal mediation analysis of college completion, economic benefits, and happiness in the USA" in Higher Education (https://doi.org/10.1007/s10734-025-01477-1). This paper examines the effect of college completion on happiness, including indirect pathways through occupational attainment and income, over 50 years (1973-2022) in the United States. Using causal mediation techniques, the study shows (1) the happiness return to higher education has increased over 45 years, followed by a sharp drop in 2021–2022 during the COVID-19 pandemic; (2) in the mid-1970s, higher education contributed to happiness primarily via occupations; (3) over the decades, the relative impact of jobs subsided while the mediating role of income net of occupations increased among college graduates; (4) the happiness return to postgraduate degrees has been consistently mediated by occupations; and (5) these premiums for higher education are formed along with declining happiness levels among less-educated individuals. Prof Araki and Mr Li thus argue that higher education policy/practice should consider both potentially positive and adverse effects on college completers and non-completers to fulfill its public good role, while calling for further comparative studies.