EclectEcon

Economics and the mid-life crisis have much in common: Both dwell on foregone opportunities

C'est la vie; c'est la guerre; c'est la pomme de terre . . . . . . . . . . . . . email: jpalmer at uwo dot ca


. . . . . . . . . . .Richard Posner should be awarded the next Nobel Prize in Economics . . . . . . . . . . . .

Saturday, February 26, 2005

Money, Wealth, and Happiness

Tyler Cowen at the Marginal Revolution is writing a book on welfare economics. It will surely challenge much of the nonsense I was forced to learn 68 years ago in grad school. He has recently posted a portion of the text, discussing the question of whether wealthier people are happier.

I love the question. I was first introduced to it by Tibor Scitovsky's classic, The Joyless Economy.

My low-brow reaction is that if I didn't think more stuff would make me happier, I'd stop working as hard as I do.

Please. No comments about my not being a rational maximizer.
 
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