The NYTimes Freakonomics blog cited one of my favorite unacademic studies (cited author: Simpson, L.) along with an academic one:
http://freakonomics.blogs.nytimes.com/2009/01/15/is-ignorance-really-bliss/
The academic study argues that intelligence is very slightly correlated with happiness. But it measures intelligence through questions in the same survey that asks about happiness. The surveys included questions about happiness, a vocab test, and a small logical reasoning test. I think it's quite possible this study was flawed (though I haven't read the study itself), because if you're taking a vocab test and don't know the answers, then someone immediately asks you how happy you are, you might be feeling dumb or inadequate and give a lower self-reported happiness score. Likewise, if you're feeling smug and smart, you might give a higher one. These would be temporary effects causing the happiness score to be more closely associated with temporary satisfaction with one's own intelligence rather than overall life happiness.
Either way, one fundamental truth remains the same: I make a lot of graphs (I do!).
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The other major problem that the article has is that it doesn't emphasize the fact that it is reported happiness. There are a bunch of other measures, such as subjective well-being that might be better that [reported] happiness. Based on some other studies, I would guess that the reality is something like this: up to a point, intelligence and happiness (however you measure them) are related, but above a certain intelligence, being more intelligent will not make you more happy.
-A
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