Monday, August 6

Happiness Is Not Just About GDP

Here's something you don't often hear in economic circles: In remarks to an international conference of economists in Cambridge, Massachusetts, Federal Reserve chairman Ben Bernanke said the we need to improve our measurement of human well-being.
"'We should seek better and more-direct measurements of economic well-being,' as this is the 'ultimate purpose' of economics. ... National statistics like gross domestic product paint an incomplete picture of what many individuals are experiencing, he said. As economists continue to work on measuring well-being, there will likely be a greater recognition of the contributions of psychology, Bernanke said."
Frankly, that's good to hear.

Bernanke: Economists should focus on well-being (Marketwatch)

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