happiness index / gross national happiness

45 results back to index


pages: 361 words: 111,500

Geography of Bliss by Eric Weiner

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Albert Einstein, Berlin Wall, call centre, cuban missile crisis, Exxon Valdez, happiness index / gross national happiness, indoor plumbing, Mikhail Gorbachev, place-making, Pluto: dwarf planet, science of happiness, Silicon Valley, Transnistria, union organizing

“What we are saying is we are committed to this process of Gross National Happiness. It is a goal.” “But many people in Bhutan, those in the villages, haven’t even heard of Gross National Happiness,” I counter. “No, but they are living it.” Good answer. Maybe only clever, maybe more than that. I’m not sure. We chat for a few more minutes. Him picking at his momos, me leaning on the edge of my chair. Him, a tremendously important person from an insignificant nation. Me, an insignificant person from a tremendously important nation. Somehow, these two converse facts cancel each other out, creating an odd symmetry between us. He talks about his trips to America, where he’s greeted like a rock star in predictable places like Berkeley. (“It’s amazing, packed halls everywhere.”) He talks about the need to create happiness indexes. (“Governments only respond to data.”)

“Bhutan is the first nation to officially say ‘No’ and the first to challenge the idea that money alone is absolutely good,” writes Jeff Johnson in the compendium Gross National Happiness and Development. John Ralston Saul, the Canadian philosopher, describes Gross National Happiness as a brilliant trick. “What it does is go ‘Snap!’ and changes the discourse. Suddenly you’re talking about something else. You’re not trying to amend the old discourse—you’re introducing a new discourse from the core; that’s what’s so important and clever about GNH.” Drukpa Kunley, the Divine Madman and trickster extraordinaire, would have loved Gross National Happiness. It is so absurd, so outlandish, that it shakes us out of our stupor. But what exactly is Gross National Happiness? What does it look like? The best explanation I heard came from a potbellied Bhutanese hotel owner named Sanjay Penjor.

I’m not sure what any of this has to do with happiness, other than underscoring the rather obvious point that a nuclear bomb dropped on a city will probably suppress happiness levels in said city. This is the problem—one of many—with Gross National Happiness. It is a fuzzy concept, easily co-opted by anyone with a cause—a good cause, perhaps, but still a cause. Once that happens, Gross National Happiness becomes just another slogan and not a new economic template, not a new way to live our lives. The film is over, and everyone breaks for an intermission. I tail the home minister, who has made a beeline for the buffet table outside. He is balancing a plate of momos in one hand and a glass of apple juice in another when I make my move. “What does Nagasaki have to do with Gross National Happiness?” I ask. Surprise flashes across his face. He is unhinged by my ambush—just for a moment, though, before finding his diplomatic footing.


pages: 372 words: 107,587

The End of Growth: Adapting to Our New Economic Reality by Richard Heinberg

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, agricultural Revolution, back-to-the-land, banking crisis, banks create money, Bretton Woods, carbon footprint, Carmen Reinhart, clean water, cloud computing, collateralized debt obligation, computerized trading, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, David Graeber, David Ricardo: comparative advantage, dematerialisation, demographic dividend, Deng Xiaoping, Elliott wave, en.wikipedia.org, energy transition, falling living standards, financial deregulation, financial innovation, Fractional reserve banking, full employment, Gini coefficient, global village, happiness index / gross national happiness, I think there is a world market for maybe five computers, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Kenneth Rogoff, late fees, liberal capitalism, mega-rich, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, naked short selling, Naomi Klein, Negawatt, new economy, Nixon shock, offshore financial centre, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, post-oil, price stability, private military company, quantitative easing, reserve currency, ride hailing / ride sharing, Ronald Reagan, short selling, special drawing rights, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, trade liberalization, tulip mania, working poor, zero-sum game

Derek Bok, The Politics of Happiness: What Government Can Learn From the New Research on Well-Being (Princeton: Princeton University Press, 2010). 64. “David Cameron Aims to Make Happiness the New GDP,” The Guardian, November 14, 2010. 65. “Seattle Area Happiness Initiative,” Sustainable Seattle.org, sustainableseattle.org. 66. “ABAC Poll: Thai People Happiness Index Rose to 8 Out of 10 Points,” eThailand.com, posted December 6, 2010. 67. “Coronation Address of His Majesty King Khesar, the 5th Druk Gyalpo of Bhutan,” Gross National Happiness.com, November 7, 2008. 68. Cliff Kuang, “Infographic of the Day: Happiness Comes at a Price,” fastcodesign.com, posted December 8, 2010; happyplanetindex.org. 69. Helena Norberg-Hodge, Steven Gorelick, and John Page, “The Economics of Happiness,” a documentary movie, International Society for Ecology & Culture, 2011. 70.

Ironically, perhaps, this realization dawned first not in America, but in the tiny Himalayan kingdom of Bhutan. In 1972, shortly after ascending to the throne at the age of 16, Bhutan’s King Jigme Singye Wangchuck used the phrase “Gross National Happiness” to signal his commitment to building an economy that would serve his country’s Buddhist-influenced culture. Though this was a somewhat offhand remark, it was taken seriously and continues to reverberate. Soon the Centre for Bhutan Studies, under the leadership of Karma Ura, set out to develop a survey instrument to measure the Bhutanese people’s general sense of well-being. Ura collaborated with Canadian health epidemiologist Michael Pennock to develop Gross National Happiness (GNH) measures across nine domains: • Time use • Living standards • Good governance • Psychological well-being • Community vitality • Culture • Health • Education • Ecology Bhutan’s efforts to boost GNH have led to the banning of plastic bags and re-introduction of meditation into schools, as well as a “go-slow” approach toward the standard development path of big loans and costly infrastructure projects.

Education, training, and information, 6. Cooperation among cooperatives, and 7. Concern for community.55 Cooperatives have the potential to avert overuse of resources by placing other values, including the interests of future generations, ahead of profit. Indeed, the organization “Coop America,” which began as a sort of cooperative of US cooperatives, in 2009 changed its name to “Green America.” Gross National Happiness After World War II, the industrial nations of the world set out to rebuild their economies and needed a yardstick by which to measure their progress. The index soon settled upon was the Gross National Product, or GNP — defined as the market value of all goods and services produced in one year by the labor and property supplied by the residents of a given country. A similar measure, Gross Domestic Product, or GDP (which defines production based on its geographic location rather than its ownership) is more often used today; when considered globally, GDP and GNP are equivalent terms.


pages: 494 words: 116,739

Geek Heresy: Rescuing Social Change From the Cult of Technology by Kentaro Toyama

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

active measures, Albert Einstein, Berlin Wall, Bernie Madoff, blood diamonds, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cognitive dissonance, commoditize, computer vision, conceptual framework, delayed gratification, Edward Glaeser, en.wikipedia.org, end world poverty, epigenetics, Erik Brynjolfsson, Francis Fukuyama: the end of history, fundamental attribution error, germ theory of disease, global village, Hans Rosling, happiness index / gross national happiness, income inequality, invention of the printing press, invisible hand, Isaac Newton, Khan Academy, Kibera, knowledge worker, liberation theology, libertarian paternalism, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, microcredit, mobile money, Nicholas Carr, North Sea oil, pattern recognition, Peter Singer: altruism, Peter Thiel, post-industrial society, Powell Memorandum, randomized controlled trial, rent-seeking, RFID, Richard Florida, Richard Thaler, school vouchers, self-driving car, Silicon Valley, Simon Kuznets, Steve Jobs, Steven Pinker, technoutopianism, The Fortune at the Bottom of the Pyramid, Upton Sinclair, Walter Mischel, War on Poverty, winner-take-all economy, World Values Survey, Y2K

Happiness and Its Discontents Social causes seek economic prosperity, social justice, human dignity, and expanded freedoms, so packaged interventions aim for these goals, too. But what if the goals are themselves misguided? In 1972, King Jigme Singye Wangchuk of Bhutan proposed an alternative measure of progress. He announced that instead of Gross National Product, his country would judge itself by what he called Gross National Happiness. And before we deride a young king of a small, far-off land for his idealism, it’s worth remembering that Thomas Jefferson, representing a once young, once far-off land, enshrined “the pursuit of happiness” as an inalienable right on par with life and liberty. Jefferson and the Bhutanese king knew what they were talking about. Philosophers have proposed happiness as the highest good and the ultimate goal of human activity at least since the Buddha and Aristotle.

In 2009, French president Nicholas Sarkozy commissioned a group featuring five Nobel Prize winners to devise a metric that captured true quality of life.46 In 2010, British prime minister David Cameron prompted his government to start measuring happiness.47 And at his second inauguration in 2013, President Barack Obama reprised Jefferson: “That is our generation’s task – to make . . . life, and liberty, and the pursuit of happiness real for every American.”48 The Ant and the Grasshopper If you had to suppress a giggle at the mention of Gross National Happiness – or perhaps you didn’t even bother to suppress it – you’re not alone. Happiness seems like cotton candy, pink and fluffy. It calls to mind a laughing young satyr prancing about in some meadow while others hunker down to the serious business of life. Scholars try to make happiness more respectable by calling it “subjective well-being,” but that doesn’t make it any less fluffy. What taints happiness?

See also Shanti Bhavan school Ghana Ashesi University, 125–129, 149–150, 152–153, 159–162 Digital Green partnerships, 110 Soronko, 151–152 Ghonim, Wael, 32–33, 35, 37, 67, 72 Ghose, Anirban, 198, 200, 204 Gingrey, Phil, 42 Gladwell, Malcolm, 36 Glenn, John, 104 Glennerster, Rachel, 236–237(n14) Global Polio Eradication Initiative, 65, 238(n27) Goleman, Daniel, 252(n16) Governance NREGA and technology, 112–114 European Enlightenment, 96–98 mass values, 187–188 packaged interventions, 69 repressive regimes, technology assisting, 23 technology amplifying power, 31–32 women’s status, 178 See also Corruption; Democracy and democratization Grameen Bank, 59, 61, 71–72 Grameen Foundation, 247(n16) Grassroots collective action, 50–52. See also Collective action Green Foundation, 106–107 Green Revolution, 207, 273(n19) Grit, 135 Gross Domestic Product (GDP), 43, 88, 95, 97, 176, 187, 216, 245(n56) Gross National Happiness, 87–88 “Gross National Wisdom,” 172–191 Group intrinsic growth, 136–139, 174–191 Happiness, 87–91, 137, 166, 244(nn45,51), 244–245(n52), 245(n54) Hatch, John, 71 Health and health care cost containment through technology, 42–44 government subsidies, 86–87 group intrinsic growth, 136–137 health systems, 136–137, 254(n25) heart, mind, and will, 111–112 I-TECH and PEPFAR, 136–139 mentorship initiatives, 207 packaged interventions, 64–65, 69, 238–239(n37) telecenters, 104–105 vaccines, 64–65 Heart, mind, and will, 111–112, 129–132 Ashesi University students, 127, 129–130 character strengths, 253(n20) defining, 111–112, 129–132 discernment, 111, 131 education and, 143–146 external conditions and intrinsic growth, 173–174 growth and progress in, 172–173, 209–210, 253(n22) growth of India’s high-tech sector, 185 intention, 111, 130 internalization of, 252–253(n17) national health-care systems, 138–139 orthogonality of, 135–136, 253(n23) personal initiative and effort, 250–251(n13) personal transition to social activism, 154–155 self-control, 111, 131–132 self-improvement, 174–177 social change, 132–133 synonyms for, 132 transcending fiscal incentives, 155–156 virtue building blocks, 135–136 voluntary life change, 156–159, 263(n40) See also Discernment; Intention; Intrinsic growth; Self-control Heckman, James, 252(n16), 263(n43) Heeks, Richard, 72 Heilbroner, Robert, 20–21, 229(n2) Helping People Help Themselves (Ellerman), 272(n14) Hercules, 14, 209 Hernández Caballero, Eva Yanet, 59 Hierarchy of needs.


pages: 327 words: 103,336

Everything Is Obvious: *Once You Know the Answer by Duncan J. Watts

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

active measures, affirmative action, Albert Einstein, Amazon Mechanical Turk, Black Swan, butterfly effect, Carmen Reinhart, Cass Sunstein, clockwork universe, cognitive dissonance, collapse of Lehman Brothers, complexity theory, correlation does not imply causation, crowdsourcing, death of newspapers, discovery of DNA, East Village, easy for humans, difficult for computers, edge city, en.wikipedia.org, Erik Brynjolfsson, framing effect, Geoffrey West, Santa Fe Institute, George Santayana, happiness index / gross national happiness, high batting average, hindsight bias, illegal immigration, industrial cluster, interest rate swap, invention of the printing press, invention of the telescope, invisible hand, Isaac Newton, Jane Jacobs, Jeff Bezos, Joseph Schumpeter, Kenneth Rogoff, lake wobegon effect, Long Term Capital Management, loss aversion, medical malpractice, meta analysis, meta-analysis, Milgram experiment, natural language processing, Netflix Prize, Network effects, oil shock, packet switching, pattern recognition, performance metric, phenotype, Pierre-Simon Laplace, planetary scale, prediction markets, pre–internet, RAND corporation, random walk, RFID, school choice, Silicon Valley, statistical model, Steve Ballmer, Steve Jobs, Steve Wozniak, supply-chain management, The Death and Life of Great American Cities, the scientific method, The Wisdom of Crowds, too big to fail, Toyota Production System, ultimatum game, urban planning, Vincenzo Peruggia: Mona Lisa, Watson beat the top human players on Jeopardy!, X Prize

In principle, therefore, one might be able to aggregate all this activity to form a real-time picture of the world as viewed through the interests, concerns, and intentions of the global population of Internet users. By counting the number of searches for influenza-related terms like “flu,” and “flu shots,” for example, researchers at Google and Yahoo! have been able to estimate influenza caseloads remarkably close to those reported by the CDC.11 Facebook, meanwhile, publishes a “gross national happiness” index based on users’ status updates,12 while Yahoo! compiles an annual list of most-searched-for items that serves as a rough guide to the cultural zeitgeist.13 In the near future, no doubt, it will be possible to combine search and update data, along with tweets on Twitter, check-ins on Foursquare, and many other sources to develop more specific indices associated with real estate or auto sales or hotel vacancy rates—not just nationally, but down to the local level.14 Once properly developed and calibrated, Web-based indices such as these could enable businesses and governments alike to measure and react to the preferences and moods of their respective audiences—what Google’s chief economist Hal Varian calls “predicting the present.”

New York Times, July 3. Kohavi, Ron, Roger Longbotham, and Toby Walker. 2010. “Online Experiments: Practical Lessons.” Computer, 82–85. Kohn, Alfie. 1993. “Why Incentive Plans Cannot Work.” Harvard Business Review 71(5):54–63. Kossinets, Gueorgi, and Duncan J. Watts. 2006. “Empirical Analysis of an Evolving Social Network.” Science 311 (5757):88–90. Kramer, Adam D. I. 2010. “An Unobtrusive Model of ‘Gross National Happiness’ ” Proceedings of CHI. ACM Press. 287–290. Krueger, Joachim, and Russell W. Clement. 1994. “The Truly False Consensus Effect: An Ineradicable and Egocentric Bias in Social Perception.” Journal of Personality and Social Psychology 67:596–610. Krueger, Joachim I. 2007. “From Social Projection to Social Behaviour.” European Review of Social Psychology 18 (1):1–35. Kumar, Nirmalya, and Sophie Linguri. 2006.

See Kittur et al. (2008) and Snow et al. (2008) for studies of Mechanical Turk reliability. And see Sheng, Provost, and Ipeirotis (2008) for a method for improving turker reliability. 11. See Polgreen et al. (2008) and Ginsberg et al. (2008) for details of the influenza studies. Recently, the CDC has reduced its reporting delay for influenza caseloads (Mearian 2009), somewhat undermining the time advantages of search-based surveillance. 12. The Facebook happiness index is available at http://apps.facebook.com/usa-gnh. See also Kramer (2010) for more details. A similar approach has been used to extract happiness indices from song lyrics and blog postings (Dodds and Danforth 2009) as well as Twitter updates (Bollen et al. 2009). 13. See http://yearinreview.yahoo.com/2009 for a compilation of most popular searches in 2009. Facebook has a similar service based on status updates, as does Twitter.


pages: 351 words: 93,982

Leading From the Emerging Future: From Ego-System to Eco-System Economies by Otto Scharmer, Katrin Kaufer

Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Asian financial crisis, Basel III, Berlin Wall, Branko Milanovic, cloud computing, collaborative consumption, collapse of Lehman Brothers, colonial rule, Community Supported Agriculture, creative destruction, crowdsourcing, dematerialisation, Deng Xiaoping, en.wikipedia.org, European colonialism, Fractional reserve banking, global supply chain, happiness index / gross national happiness, high net worth, housing crisis, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Johann Wolfgang von Goethe, Joseph Schumpeter, market bubble, mass immigration, Mikhail Gorbachev, Mohammed Bouazizi, mutually assured destruction, Naomi Klein, new economy, offshore financial centre, peak oil, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, smart grid, Steve Jobs, technology bubble, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, Washington Consensus, working poor, Zipcar

Technology: Close the feedback loop from technology creation to societal needs, particularly in underserved markets (through needs assessment and participatory planning). 5. Leadership: Close the feedback loop from leadership to the emerging future of the whole (through practices of co-sensing, co-inspiring, and co-creating). 6. Consumption: Close the feedback loop from economic output to the well-being of all (through conscious, collaborative consuming and new indicators such as GNH, or gross national happiness, discussed later in this chapter). 7. Coordination: Close the feedback loop in the economy from the parts to the whole (through ABC, awareness-based collective action). 8. Ownership: Close the feedback loop from ownership rights to the best societal use of assets (through shared ownership and commons-based property rights that safeguard the interests of future generations). Thus the journey from 1.0 to 4.0 that we have been exploring throughout this book is a journey toward reintegrating matter and mind not only individually, but also collectively, across all eight acupuncture points of the matrix.

That’s the most powerful and promising thing. The U.school has the potential to institutionalize the teaching and learning of these capacities in a way that could make them available on a scale that is commensurate with the crisis that we face—like the critical mass of people that we’re meeting in the Bronx who are ready to shift the terrain of social movements. THE GLOBAL WELL-BEING AND GROSS NATIONAL HAPPINESS LAB: INNOVATING BEYOND GDP What we want to see is nothing less than transformative—graduates who are genuine human beings, realizing their full and true potential, caring for others—including other species—ecologically literate, contemplative as well as analytical in their understanding of the world, free of greed and without excessive desires; knowing, understanding, and appreciating completely that they are not separate from the natural world and from others—in sum manifesting their humanity fully. … In the end, a GNH-educated graduate will have no doubt that his or her happiness derives only from contributing to the happiness of others.

THE GLOBAL WELL-BEING AND GROSS NATIONAL HAPPINESS LAB: INNOVATING BEYOND GDP What we want to see is nothing less than transformative—graduates who are genuine human beings, realizing their full and true potential, caring for others—including other species—ecologically literate, contemplative as well as analytical in their understanding of the world, free of greed and without excessive desires; knowing, understanding, and appreciating completely that they are not separate from the natural world and from others—in sum manifesting their humanity fully. … In the end, a GNH-educated graduate will have no doubt that his or her happiness derives only from contributing to the happiness of others. LYONCHEN JIGME Y. THINLEY, prime minister of Bhutan6 The job of Ha Vinh Tho, program coordinator of Bhutan’s Gross National Happiness (GNH) Centre in Thimphu, is to put this intention for the future on its feet. “The quote above,” says Tho, “is essentially the mandate for the GNH Centre.” A graduate of the Presencing Global Masterclass, Tho is developing this example of a U.school-type initiative with an intention that links it directly to a global ecology of like-minded initiatives. To support this intention, Tho is part of another initiative called the Global Well-Being and GNH Lab.


pages: 353 words: 98,267

The Price of Everything: And the Hidden Logic of Value by Eduardo Porter

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Alvin Roth, Asian financial crisis, Ayatollah Khomeini, banking crisis, barriers to entry, Berlin Wall, British Empire, capital controls, Carmen Reinhart, Cass Sunstein, clean water, Credit Default Swap, Deng Xiaoping, Edward Glaeser, European colonialism, Fall of the Berlin Wall, financial deregulation, Ford paid five dollars a day, full employment, George Akerlof, Gordon Gekko, guest worker program, happiness index / gross national happiness, housing crisis, illegal immigration, immigration reform, income inequality, income per capita, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jean Tirole, John Maynard Keynes: technological unemployment, Joshua Gans and Andrew Leigh, Kenneth Rogoff, labor-force participation, laissez-faire capitalism, loss aversion, low skilled workers, Martin Wolf, means of production, Menlo Park, Mexican peso crisis / tequila crisis, new economy, New Urbanism, peer-to-peer, pension reform, Peter Singer: altruism, pets.com, placebo effect, price discrimination, price stability, rent-seeking, Richard Thaler, rising living standards, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, Silicon Valley, stem cell, Steve Jobs, Stewart Brand, superstar cities, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, trade route, transatlantic slave trade, transatlantic slave trade, ultimatum game, unpaid internship, urban planning, Veblen good, women in the workforce, World Values Survey, Yom Kippur War, young professional, zero-sum game

“The time is right for our measurement system to shift emphasis from measuring economic production to measuring people’s well-being,” the report concluded. Government, it suggested, should supplement standard economic data with other information, including citizens’ sense of happiness with their lives. The tiny Buddhist kingdom of Bhutan, high in the Himalayas, has stretched the idea further—devising a quantity it calls “gross national happiness,” which it plans to use to evaluate policies and keep track of the country’s well-being. King Jigme Singye Wangchuck coined the term in 1972, but it became a reality only after he abdicated thirty-six years later, when Bhutan had its first-ever democratic election, and the Bhutanese approved a new constitution that established the world’s first GNH index. The index has six dozen variables, grouped into nine dimensions—including psychological well-being and community vitality, ecology, good governance, and time use.

Kennedy Presidential Library (at http://www.jfklibrary.org/Historical+Resources/Archives/Reference+Desk/Speeches/RFK/RFKSpeech68Mar18UKansas.htm, accessed 08/16/2010). The “Report by the Commission on the Measurement of Economic Performance and Social Progress,” by Joseph Stiglitz, Amartya Sen, and Jean-Paul Fitoussi for the French government can be found at www.stiglitz-sen-fitoussi.fr. The account of Bhutan’s gross national happiness draws from Seth Mydans, “Recalculating Happiness in a Himalayan Kingdom,” New York Times, May 7, 2009; the Center for Bhutan Studies (grossnationalhappiness. com/gnhIndex/intruductionGNH.aspx, accessed 08/12/2010); Swaminathan S. Anklesaria Aiyar, “Bhutan’s Happiness Is Large Dam, Fast GDP,” Times of India, November 1, 2009; and Ben Saul, “Cultural Nationalism, Self-Determination and Human Rights in Bhutan,” International Journal of Refugee Law, Vol. 12, No. 3, July 2000, pp. 321-353.

The data on happiness in Russia come from Richard Easterlin, “Lost in Transition: Life Satisfaction on the Road to Capitalism,” SOEP Papers, DIW Berlin, the German Socio-Economic Panel (SOEP), April 2008; and Elizabeth Brainerd, “Economic Reform and Mortality in the Former Soviet Union: A Study of the Suicide Epidemic in the 1990s,” IZA Discussion Paper, January 2001. The story about the impact of a concrete floor on happiness in Mexico’s Coahuila state is in Matias Cattaneo, Sebastian Galiani, Paul Gertler, Sebastián Martínez, and Rocio Titiunik, “Housing Health and Happiness,” World Bank Policy Research Paper, April 2007. The data on happiness among the rich and the poor come from Rafael Di Tella and Robert MacCulloch, “Gross National Happiness as an Answer to the Easterlin Paradox?” Journal of Development Economics, Vol. 86, No. 2, April 2008, pp. 22-42. Robert Frank’s statement is in Robert Frank, “Does Absolute Income Matter?” in P. L. Porta and L. Bruni, eds., Economics and Happiness (New York : Oxford University Press, 2005), p. 67. The data on income and happiness in Brooklyn and San Jose, California, is found in Census Bureau, American Community Survey 2006-2008 estimates (factfinder.census.gov/servlet/DatasetMainPageServlet?


pages: 455 words: 133,322

The Facebook Effect by David Kirkpatrick

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Andy Kessler, Burning Man, delayed gratification, demand response, don't be evil, global village, happiness index / gross national happiness, Howard Rheingold, Jeff Bezos, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Network effects, Peter Thiel, rolodex, Sand Hill Road, sharing economy, Silicon Valley, Silicon Valley startup, Skype, social graph, social software, social web, Startup school, Steve Ballmer, Steve Jobs, Stewart Brand, the payments system, The Wealth of Nations by Adam Smith, Whole Earth Review, winner-take-all economy, Y Combinator

The overall contributions of Facebook’s users constitute a global aggregation of ideas and feelings. Some have gone so far as to say it could evolve toward a kind of crude global brain. The reason people sometimes talk like that is that once all this personal data exists in one place it can be examined by sophisticated software in order to learn new things about aggregate sentiment or ideas. One company project announced in late 2009 is the Gross National Happiness Index. Analytic software measures the occurrence over time of words and phrases on Facebook that suggest happiness or unhappiness. That produces a chart that is intended to be “indicative of how we are collectively feeling,” according to a post on the Facebook Blog. Initially it will only plumb data produced by English-speakers in the United States. But over time it will likely be extended more broadly, creating an unprecedented gauge of global sentiment.

., 49 Ellison, Nicole, 68 El-Maayirgy, Sherry, 280 email, 16, 67, 188, 274 engagement ads, 260–61 eUniverse, 75 Evans, Katherine, 211 Evite.com, 216 Evolution of God, The (Wright), 202 f8 event, 222–25, 226, 227, 228, 231, 245 Facebook: Accel’s meetings and deal with, 117–18, 119–20, 124–26, 129, 130, 143, 146–47, 170, 183, 318, 320, 322, 323 advertising on, 37–38, 42, 43, 44, 55, 60, 61–62, 101–3, 109–10, 111–12, 132, 139–43, 177–79, 221, 232, 235, 237, 246, 255, 256–68, 270–73, 307 American values and, 278–80 amount of content on, 11–12 board of, 125–26, 138, 146–48, 236, 320–21; see also specific board members capital of, 42, 62, 63, 86 chat on, 219 as circumscribed to university students, 84, 88, 91–92, 100, 149–50 company cars of, 57, 98 company “pages” on, 246 complaints about, 165–66, 189–195, 196, 197, 201, 249, 304, 308–10 conventional media and, 295–98 corporations and, 298–301 Courses application on, 226 customer support requests to, 132–33 data centers of, 225–26, 285 early college-based growth of, 32–33, 34–39, 88, 89, 92, 94, 100, 101, 110–11, 140, 149–51, 179 Emerson Street office of, 117–18, 121, 129, 130–31, 151 exhibitionism and, 13 in expansion beyond colleges, 98, 149–51 expenditures of, 55, 59 “fans” on, 246, 310 friending on, 12–13, 14, 30, 32, 33, 34, 61, 92, 100, 173, 181, 193–94, 297, 312–13 Frisson party for, 103–4 frivolous gatherings organized on, 8 games on, 9, 228–30, 283 glitches in code of, 132 Google’s advertising talks with, 238–39, 242 Google’s desire to buy, 54, 326 groups on, 3–6, 7, 8–9, 93, 151, 189–92, 211, 263–64, 288, 289, 290, 294 growth chart of, 111 hiring and recruitment by, 47, 105, 106, 116, 129, 130–31, 132–34, 135, 138, 157–58, 165–66, 175, 188, 251–54, 256 housing subsidy offered to employees of, 137 human resources rating system at, 255 imitations of, 101, 171, 282, 284–85, 334 immaturity at, 128, 133, 198 incorporations of, 41, 53, 62–63, 99 inspiration for, 28–29 intellectual property theft accusation and lawsuit against, 40–41, 65, 66, 80–85, 97, 173 internal communication issues in, 162–64 investments in, 9–10, 30, 38, 41, 42–44, 53–54, 59, 62, 63, 86, 87–88, 89, 94, 107–27, 129, 130, 183, 232, 236, 244, 246, 284–85, 318, 322–23 invitations on, 216–17 launch of, 29–33, 34, 77, 78, 79 logo of, 30, 145 marketing with, 9, 15, 116 Microsoft’s ad deal with, 178, 179, 235–37, 239, 242–46, 249, 255, 257–58, 261, 273, 326–27 Microsoft’s desire to purchase, 239–42, 285 Mini-Feed on, 189, 220, 303 on mobile devices, 316 MySpace’s interest in buying, 138–39, 153 name change of, 145 News Feed on, see News Feed number of members of, 9, 16, 17, 30–31, 34, 35, 39, 59, 64, 86, 90, 92, 103, 110–11, 131, 151, 153, 177, 196, 197, 227, 250, 261, 267, 270–71, 303, 309, 311, 320, 329, 334 offers to buy, 11, 41, 54, 182–87, 195–98, 239–42, 285, 326 office routine at, 49–54 open registration on, 172, 184, 185, 195, 196–98 ownership of, 9–10, 34, 40, 62–63, 87–90, 94, 95, 96, 112, 113, 124, 126, 147–48, 170, 184, 269, 321, 322 Palo Alto house of, 44, 51, 52, 54–56, 63, 64–65, 86, 94–95 photos on, 33, 99, 153–57, 180, 194, 205, 206, 210, 216–17, 220, 227, 280, 302 platform strategy for, 11, 215–16, 217–34, 262–63, 278, 302, 305–7 “poke” option on, 32, 91, 92, 138, 173 political activism on, 2–6, 7, 8, 15, 192, 288, 289–95 possible IPO of, 321–22 private messaging on, 324 purpose of, 12 rambunctious reputation of, 129 recession and, 272 redesign of, 303, 311 registering of, 26 relationship status on, 194, 205–6 as replacement for address book, 93–94 returning users of, 111, 118 revenue of, 11, 41, 42, 43, 62, 101–2, 110, 112, 159, 170, 178, 232, 262, 273 romantic options on, 32, 91 salaries at, 59, 106 sales offices of, 271 Saverin’s differences with team at, 59–63, 64, 65, 89, 126 in self-promotion to developers, 222–25 servers used for, 29–30, 38, 57–58, 59, 63, 86, 87, 94, 132, 156, 175, 225, 256, 285, 325 shopping on, 316–17 simplicity of, 11, 61, 64, 82, 100, 144–45, 153–54, 276 software used by, 58–59 speed of, 58 stock of, 89–90, 106, 112, 113, 124–25, 133, 147–48, 236, 269, 305, 321, 322 tagging photos on, 154, 155, 156, 157, 212 timing of, 39 translation of, 16, 243, 275, 277, 282, 286, 302 transparency of, 14–15, 200, 202–203, 204–6, 207, 210–11, 214, 287–88, 319, 323 as trusted company, 209, 329–30 unorthodox computer code of, 132 user time spent on, 92–93, 108, 274 as “utility,” 144, 159, 160 valuations of, 43, 89–90, 95, 110, 121, 124, 126, 161, 168, 170, 174, 183, 184, 236, 239, 240, 244, 256, 267, 319, 322–23 Viacom’s desire to purchase, 113, 125, 159–60, 162, 164, 166–67, 168–71, 182 work networks at, 172–74, 185 WTI’s loans to, 95–96, 112–13 Yahoo’s desire to purchase, 182–87, 195–98 see also privacy Facebook Ads, 247–48, 250, 255, 258–59 Facebook API, 219 Facebook Blog, 332 Facebook Connect, 234, 251, 305–7, 314, 328, 335 Facebook credits, 262–63, 329 Facebook Fridays, 299 Facebook Global Monitors, 16, 275, 283, 328 “Facebook Is … Fostering Political Engagement: A Study of Online Social Networking Groups and Offline Participation,” 293 Facebook Lite, 317 Facebook Open Stream API, 314–15 Facebook phone, 282 Facebook Principles, 309 Facelift project, 144–45 Facemash, 23–25, 26, 27, 28, 29, 80, 82, 158 Fake, Caterina, 213 Fanbase, 306 Fanning, Shawn, 46, 48 Farmville, 229–30, 283 Favreau, Jon, 204, 205 Federal Trade Commission, 208–9, 249 Fenton, Peter, 115, 116, 117 Fetterman, Dave, 175, 219, 220 50 Cent, 138 Fight Club, 143 Filo, Jeff, 216 FIOS, 297, 298 First Amendment, 211 Fleischer, Ari, 294 Flickr, 115–16, 153, 213 Fluff Friends, 228 flyers, 102–3, 111 Food Fight, 228 Fortune, 10, 11, 166, 199, 206, 222, 249 Foursquare, 306 Fox, 153 Fragodt, Anikka, 274, 283 France, 16 Freeloader, 48, 73 Freston, Tom, 160, 168, 169 Friedman, Thomas, 7 FriendFeed, 304, 317 Friendster, 28, 29, 31, 70–72, 73, 75–76, 84, 85, 92 in Asia, 282, 283 Facebook’s borrowing from, 27 investments in, 46, 51, 71, 72, 88, 112, 115 success as curse to, 52, 58, 71–72, 74, 79, 86, 130, 132, 144 Frisson, 103–4 Fuerza Latina, 24, 25 Funwall, 231 Future of the Internet, The—and How to Stop It (Zittrain), 310 Gadre, Rudy, 243 Gandhi, Mohandas, 135 Garden State, 143 Gates, Bill, 213, 215, 216, 217, 218, 320 Gawker, 306 Gay, Rowena, 213 Genachowski, Julius, 334 Geocities, 67 Germany, 171, 282–83 gift economy, 287, 288, 293, 295 Gladwell, Malcolm, 103 Glassman, James, 291, 292 Gleit, Naomi, 138, 182, 198 globalization, 9–10, 278 global village, 332 Gmail, 188, 259 Goldberg, Adam, 36 Goldberg, Dave, 253 Goldman Sachs, 43 Google, 16, 104, 151, 165, 209, 245, 256, 275, 291, 297, 318, 323, 325, 331 advertising and, 111, 139, 178, 216, 237, 251, 254, 255, 259 antitrust investigations against, 326, 327 as competitor with Facebook for talent, 129–30, 327 Dodgeball acquired by, 184 Facebook investment of, 126 Facebook purchase as desire of, 54, 326 Facebook’s advertising talks with, 238–39, 241, 242 Friendster purchase proposed by, 71 IPO of, 170, 321 MySpace’s deal with, 177 News Corporation’s deal with, 237–38 Orkut bought by, 78, 87 Sandberg at, 251, 252, 253, 255 Google Android, 316 Google Checkout, 231 Google Docs, 269 Google One, 254 Google Zeitgeist, 238 Gordon, Susan, 92 Gould, Alan, 267 Graffiti, 228 Graham, Don, 107–9, 114, 119, 120–21, 123–24, 136, 254, 320, 321 Great America Theme Park, 198 Green, Joe, 24–25, 30 Causes created by, 224–25, 231–32 Greenspan, Aaron, 79, 81–82, 84–85 Greylock Partners, 170, 319, 322 Grimmelmann, James, 212 Gross National Happiness Index, 332 Grove, Andy, 53 Grown Up Digital (Tapscott), 265 Guantanamo Bay, 290 Gustav, Hurricane, 294 Hagel, John, 203, 299 Haiti, 296 Halicioglu, Taner, 53, 64, 94 Halo, 56, 98 Hamel, Gary, 298 Harper, Julius, 308, 309 Harvard Connection, 26, 40–41, 80–81, 83, 85 launch of, 101 Harvard Crimson, 23, 24, 26, 28, 31, 33, 37–38, 40, 63, 80, 102, 108, 295 Harvard University, 6, 12, 14–15, 17, 19–41, 64, 90, 93, 108, 157, 209, 253, 331 endowment fund of, 114 “facebooks” at, 23, 28, 79, 90 shopping week at, 32 Hasbro, 229 Hi5, 152 Highlights, 311 Hills, The, 167 Hirsch, Doug, 154, 155, 163, 165 HIV, 295 Hoffman, Reid, 72–73, 87–88, 105, 116, 128, 172, 202, 322 “Hollaback Girl” (song), 141, 142, 247 Holtzbrinck publishing firm, 171 Hong Kong, 275, 282, 283 Hotmail, 188, 241–42 houseSYSTEM, 79, 81, 85 HTML, 53, 75 Huffington Post, 298, 306 Hughes, Chris, 14, 21, 30, 35, 45, 107, 293, 322 in departure from Facebook, 269–70 as Facebook spokesman, 40, 64, 103, 134 at Frisson party, 103 and open registration, 195 simplicity pushed by, 64 Hutchison Whampoa, 282 IBM, 67 Iceland, 275 impressions, of engagement ads, 261 InCircle, 78 India, 78, 282 Indonesia, 8, 16, 73, 282, 283, 286, 289–90 information overload, 14 Inside Facebook (Baloun), 137 InsideFacebook.com, 16 Inside Network, 230, 262 instant messaging, 16, 27, 29, 137, 144, 162, 187, 219 Intel, 53, 300, 313–14 Interactive Advertising Bureau, 264 Interpublic Group, 177, 179 Interscope Records, 141, 142 Investment Club, 30 IPC, 187 iPhones, 50, 226, 230, 306, 316 iPod, 218, 300 Iran, 6–7, 8 Israel, 275, 279 Italy, 16, 276, 279, 280 iTunes, 102 Iverson, Joshua, 43 James, Josh, 266 Janzer, Paul, 133 Japan, 276, 281, 282, 283 Jarvis, Jake, 226 JavaScript, 53 Jin, Kang-Xing, 26, 257 Jobs, Steve, 257, 320 Johnson, Kevin, 240, 242 Justice Department, U.S., 327 Kazakhstan, 265 Keep, Elmo, 213 Kelly, Chris, 13, 150, 201, 208 Kendall, Tim, 257 Kennedy, Ted, 294 KickMania, 232 Kirkpatrick, Clara, 219 Kleiner Perkins Caufield & Byers, 71, 112 Korea, 276 Koyi K Utho, 280 Kurds, 291 Lafley, A.


pages: 501 words: 134,867

A Line in the Tar Sands: Struggles for Environmental Justice by Tony Weis, Joshua Kahn Russell

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Bakken shale, bilateral investment treaty, call centre, carbon footprint, clean water, colonial exploitation, conceptual framework, corporate social responsibility, decarbonisation, Deep Water Horizon, en.wikipedia.org, energy security, energy transition, Exxon Valdez, failed state, global village, guest worker program, happiness index / gross national happiness, hydraulic fracturing, immigration reform, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, invisible hand, liberal capitalism, LNG terminal, market fundamentalism, means of production, Naomi Klein, new economy, Occupy movement, oil shale / tar sands, peak oil, profit maximization, race to the bottom, smart grid, special economic zone, working poor

We need to actualize an economic and social transformation. Restoring an economics that makes sense for upcoming generations needs to be a priority. In our community, we think of this as economics for the seventh generation. In our teachings, we have some clear direction: our intention is Minobimaatisiiwin, a spiritual, mental, physical, and emotional happiness—sort of an Anishinaabe version of Bhutan’s Gross National Happiness Index. Within our cultural teachings lie these Indigenous Economic Principles: intergenerational thinking and equity (thinking for the seventh generation); inter- and intra-species equity (respect); and valuing those spiritual and intangible facets of the natural world and cultural practice (not all values and things can be monetized). Consider what may be one of the largest follies in economic thinking from fossil fuel supporters: the opportunity forgone costs.

See Enbridge Alberta Energy and Utilities Board, 116 Alberta Enterprise Group, 40 Alberta Federation of Labour, 14, 86 “Alberta is Energy” campaign, 37–38 Alberta Synthetic Crude Oil (SCO), 46–47 Alberta Taciuk Process (ATP), 108 Albright, Adam, 53 Alfred, Taiaiake, 259 Algeria, oil imports from, 31 Aliceville (Alabama), 182 alienation, 255, 299 Altvater, Elmar, 24, 25, 35 Amalgamated Transit Union (ATU), 220 American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), 218–21; Center for Green Jobs, 219; Energy Task Force, 218 American Petroleum Institute, 60, 221 Americans for Prosperity, 282 ammonia, 182 Amos, Chief Henry (Gupsalupus), 155–56 Anishinaabe people, 17, 231, 253; worldview of, 237–38 Anonymous Collective, 164 anti-apartheid campaign, 290–91 anti-Asian attitudes, 92–93, 98 anti-capitalism, 69, 75, 263, 273, 311 anti-Chinese racism, 96, 98 anti-colonialism, 75, 244, 246, 259, 260–63, 265, 269, 275, 352n9 Anticosti Island, 82 anti-environmental lobbying, 282, 351n8 anti–fossil fuel campaigns, 309 anti-globalization, 96, 169 anti-nuclear movement, 81, 169, 319 anti-oppression, 244, 246, 263, 343n6 anti-pollution rules, 318 anti-racism, 244, 246, 261, 265 anti-sexism, 261 anti–shale gas movement, 82 anti-systemic escalation, 294–95 anti–wind turbine campaigns, 69 Apollo Alliance, 243, 245 Arctic, exploration and drilling in, 29, 31, 308, 315 Arctic National Wildlife Refuge, 242 Asian Pacific Environmental Network, 280 Assembly of First Nations, 69 asthma, 116 asymmetry, grappling with, 287–89 Athabasca Chipewyan First Nation (ACFN), 12, 18, 208–9, 211, 254, 271, 275 Athabasca River Basin, 5, 8–10, 15, 17, 32, 230; First Nations of, 12, 13, 16, 237 Attawapiskat, diamond mining in, 125 Australia, oil shale exploration and experimentation in, 100 Avatar, 249–50, 323n14 Baird, John, 62 Baker Estates (Michigan), 198, 200–201 Barlow, Maude, 94, 170, 323n14 Bass, Rick, 283 Bateman, Kenneth, 149 Bay of Fundy, toxic threats to, 78 Bayou Corner (Louisiana), sinkhole in, 182 Beaver Lake Cree, 18, 119–24, 271, 274 Bentley, Robert, 183 benzene, 10, 135, 182, 197, 202 Bernard, Elaine, 97 Berry, Thomas, 239 Berry, Wendell, 170 Bhutan: Gross National Happiness Index, 238 Big Greens, 168 Big Oil, 49, 53, 70, 72, 119, 123, 126, 240, 242–47 Bilateral Investment Treaties (BITs), 97 bioaccumulation, 9 Bishop, Mike, 192 bitumen, 4–7, 9, 15–17, 20, 46, 77, 117, 119, 152, 162, 167, 179, 206, 247, 253–54, 269–70, 281, 287, 291–93, 305, 310, 312, 314; in Chemical Valley, 135–37, 139–40; cleanup of, 198; diluted (“dilbit”), 137, 146, 183, 195–99, 202, 205, 232, 236, 254, 302; environmental and health risks of mining, transporting, and refining of, 10–12; extraction of, 8–9, 51–52, 95, 100–103, 120, 129, 142; and Gulf Coast, 182–83; in Kalamazoo, 195–206; in Madagascar, 104–5; as nationalized resource in Venezuela, 102; and Northern Gateway project, 146–47, 149–50, 152; refining of, 8, 79; toxic, 78; in Trinidad and Tobago, 103; as “ultra-heavy” oil, 101 Bitumen—Adding Value conference, 134–35, 143 Bitumen: Canada’s National Disaster demonstration, 135 Blackheath Camp for Climate Action, 208 Blaney, Ta’Kaiya, 164 Bloch, Ernst: The Principle of Hope, 320 blockades, 80, 114, 143–44, 157–58, 189, 288, 293; as direct action, 343n2 (ch.17).


pages: 523 words: 111,615

The Economics of Enough: How to Run the Economy as if the Future Matters by Diane Coyle

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

accounting loophole / creative accounting, affirmative action, bank run, banking crisis, Berlin Wall, bonus culture, Branko Milanovic, BRICs, call centre, Cass Sunstein, central bank independence, collapse of Lehman Brothers, conceptual framework, corporate governance, correlation does not imply causation, Credit Default Swap, deindustrialization, demographic transition, Diane Coyle, disintermediation, Edward Glaeser, endogenous growth, Eugene Fama: efficient market hypothesis, experimental economics, Fall of the Berlin Wall, Financial Instability Hypothesis, Francis Fukuyama: the end of history, George Akerlof, Gini coefficient, global supply chain, Gordon Gekko, greed is good, happiness index / gross national happiness, Hyman Minsky, If something cannot go on forever, it will stop - Herbert Stein's Law, illegal immigration, income inequality, income per capita, industrial cluster, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jane Jacobs, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour market flexibility, light touch regulation, low skilled workers, market bubble, market design, market fundamentalism, megacity, Network effects, new economy, night-watchman state, Northern Rock, oil shock, Pareto efficiency, principal–agent problem, profit motive, purchasing power parity, railway mania, rising living standards, Ronald Reagan, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, South Sea Bubble, Steven Pinker, The Design of Experiments, The Fortune at the Bottom of the Pyramid, The Market for Lemons, The Myth of the Rational Market, The Spirit Level, transaction costs, transfer pricing, tulip mania, ultimatum game, University of East Anglia, web application, web of trust, winner-take-all economy, World Values Survey, zero-sum game

Considered important welfare indicators by economists, they feature prominently as measurements of how economies are performing. One response to this list of inadequacies is to produce an adjusted or alternative measure. A well-known example is the Index of Sustainable Economic Welfare (ISEW), originated by Herman Daly and John Cobb in 1989. The ISEW adjusts for the first three points above and therefore paints a much gloomier picture than the conventional economic statistics.16 “Gross National Happiness” is another contender.17 The most recent one of this type is the Happy Planet Index from the New Economics Foundation.18 All are similar in their emphasis on subtracting environmental impacts from GDP, and in showing next to no “progress” in recent decades. This is wholly because of the way they are constructed. An alternative, widely used by economists, is the Human Development Index (HDI), which derives a single measure from GDP and other indicators (of health, literacy, access to technologies, and so on) measuring human capabilities to lead a satisfying life; this addresses the sixth point on the list.

Robert Frank (in Luxury Fever) argued that high taxes should be used to discourage consumer spending, which won’t buy happiness. Barry Schwartz has written about The Paradox of Choice, whereby the great variety of goods and services available to Western consumers only makes us unhappy (despite the fact that consumers do buy a huge variety of products). The Kingdom of Bhutan has become an icon for its policy pursuit of Gross National Happiness, despite the country’s miserably poor human development indicators. However, recently the evidence on growth and happiness has been persuasively reassessed. As described below, recent research strongly suggests that there is no paradox, as growth and happiness are in fact usually positively linked. To me it always seemed odd to expect happiness to rise fully in line with GDP in the first place—not least because the fall in GDP associated with a recession always causes great unhappiness.

See also markets goodwill, 150 Google, 195, 291 Gore, Al, 60, 74 governance: definition of, 16; growth and, 270, 275, 288, 292; institutions and, 242, 247, 255–58, 261–62; measurement and, 183, 186; sense of, 18; technology and, 17; trust and, 151, 162–65, 173–77; values and, 211, 217, 238; wider crisis of, 255–58 government: bailouts and, 1, 88, 91, 99–100, 145; communism and, 96, 182–83, 209–13, 218, 226, 230, 239–40; debt and, 3–4, 11, 84–86, 89–94, 98–105, 108, 150, 248, 271, 275, 286–87, 294; decentralization and, 246; defining, 15–16, 269; distrust of, 150, 157, 162, 172, 175–76, 247; failure of, 183, 240–44, 257; fairness and, 121, 123, 131, 136; first ten steps for, 294–98; growing challenge to authority and, 245–46; growth and, 268–72, 275–89, 293–97; happiness and, 22–26, 29–32, 38–40, 43–45, 50–54; higher social spending and, 243–44; influence of over social norms, 280–84; infrastructure spending and, 93; institutions and, 240–63; interest groups and, 242–43, 285; Intergovernmental Panel on Climate Change (IPCC) and, 59, 66–69, 82, 297; intrusive regulatory practices and, 244; market control and, 14–15; measurement and, 182–88, 191, 193, 196, 202–3, 206; nature and, 58–62, 65–71, 82–84; New Public Management and, 245–47; OECD countries and, 4, 11, 38, 52, 60, 68, 87, 93–94, 97–99, 112, 125–26, 160, 171, 201, 212, 243–44, 246, 273–74, 281, 283, 287, 291, 293; online access of, 287–88; as organizing economy, 218–19; police service and, 5, 35, 163, 193, 200, 247; policy and, 2 (see also policy); posterity and, 85–95, 98–113; as shareholder, 88; stimulus packages and, 91, 100–103, 111; values and, 14, 210–11, 215–20, 225–26, 229–30, 234 government debt, 3–4, 84, 150, 248; cradle-to-grave social systems and, 104; credibility and, 101; default on, 110–12; deficit spending and, 101, 203, 287; demographic implosion and, 95–100; Gross on, 287; higher retirement age and, 106–7; importance of, 100–104; increased saving and, 105–6; legacy of, 90–92; less leisure and, 106–7; migration and, 108–9; policy for, 104–12, 271, 275, 286–87, 294; posterity and, 85–86, 90–94, 98–100, 105, 108; productivity improvements and, 107–8; reduced consumption and, 105–6; retirement age and, 98; as social issue, 113; Stein’s Law and, 104; as time bomb, 104 Great Crash, 28 Great Depression, 3, 28, 35, 61, 82, 109, 150, 208, 281 Greece, 3, 260, 276, 287, 295 greed, 248; bankers and, 277–78; fairness and, 129; happiness and, 26, 34, 54; high salaries and, 130, 143–44, 193, 223, 277–78, 286, 296; option pricing theory and, 222; policy recommendations for, 277–79; posterity and, 88; trust and, 150; values and, 221–23 Green, Stephen, 279 greenhouse gases, 23, 29, 35, 59, 61–63, 68, 70–71, 83 green lifestyle, 55, 61, 76, 289, 293 Greenspan, Alan, 129 Gross, Bill, 287 gross domestic product (GDP), 10, 12; Easterlin Paradox and, 39–44; fairness and, 127; growth and, 270, 274, 281, 294; happiness and, 22–23, 28, 32–42, 51–53; logarithm of, 41–42; measurement and, 41–42, 187–91, 198, 201–8; nature and, 56–60, 75–76, 80–82; policy recommendations for, 270, 274, 281, 294; posterity and, 91–94, 98–99, 103, 108, 111; trust and, 157, 160; values and, 212, 218, 232 Gross National Happiness, 36, 40 growth: antigrowth alternative and, 39–44; capitalism and, 268, 275, 290, 293, 297; Commission on the Measurement of Economic Performance and Social Progress and, 37–38; community and, 27, 51, 65, 117–18, 137, 141, 152–54; comprehensive wealth and, 81–82, 202–3, 208, 271–73; consequences of inequality and, 135–36; consumption and, 280, 295; cultural suspicion of capitalist, 26–29; democracy and, 268–69, 285–89, 296–97; downgrading consumption and, 11; fairness and, 114–16, 121, 125, 127, 133–37; governance and, 270, 275, 288, 292; government and, 268–72, 275–89, 293–97; gross domestic product (GDP) and, 270, 274, 281, 294; happiness and, 9–12, 22–29, 32–44, 51–53; increasing affluence and, 12; Industrial Revolution and, 27, 149, 290, 297; of information, 205, 291; innovation and, 201–7, 271–73, 281, 290–92; institutions and, 258, 261, 263; limits to, 13, 190, 231; Manifesto of Enough and, 267–98; measurement and, 181–85, 188–90, 194, 201–5, 208; mercantile economy and, 27–28; morals and, 275–76, 279, 293, 295, 297; nature and, 56–59, 62–66, 69–72, 76, 79–82; new conventional wisdom on, 23–24; paradox of prosperity and, 174; as policy goal, 22; politics and, 33; population, 29, 63, 70, 81, 89, 95–96, 108, 168; posterity and, 90, 95, 97, 99, 102, 105–8, 111; productivity and, 189–90, 194, 199–201, 206–7 (see also productivity); public goods and, 185–86, 190, 199, 211, 229, 249, 261; statistics and, 270–74, 290–94; sustainability and, 240, 244, 248 (see also sustainability); trust and, 152–56, 160, 174; values and, 13, 210–13, 222, 231–36; welfare and, 9–12 Groysberg, Boris, 143 Gutenberg press, 7 Haidt, Jonathan, 45–49, 117 Haldane, Andrew, 174 Hall, Peter, 140–41 Hamilton, Kirk, 81 handcrafting, 11, 55 happiness: absorbing work and, 10, 48–49; anomie and, 48, 51; anxiety and, 1, 25, 47–48, 136–38, 149, 174; capitalism and, 25–29, 33, 45, 53–54; charitable giving and, 33; choice and, 10–11; coherence and, 49; Commission on the Measurement of Economic Performance and Social Progress and, 37–38; commuting and, 45–47; conflict in relationships and, 47; consumer electronics and, 36–37; consumption and, 22, 29, 45; as correct guide for life, 29–32; cultural suspicion of growth and, 26–29; Easterlin Paradox and, 39–44; efficiency and, 9, 29–30, 61; emotional response to, 21; fairness and, 53; formula for, 46; freedom and, 10, 13, 26, 42–44, 50–53; globalization and, 24; government and, 22–26, 29–32, 38–40, 43–45, 50–54; gross domestic product (GDP) and, 22–23, 28, 32–42, 51–53; Gross National Happiness and, 36; growth and, 9–12, 22–29, 32–44, 51–53; health issues and, 24, 33–38, 42–43, 48, 50; Human Development Index (HDI) and, 36; inequality and, 25, 36, 42, 44, 53; innovation and, 37; lack of control and, 47; literacy and, 36; measurement and, 35–39; mercantile economy and, 27–28; morals and, 22, 26, 30, 34, 43, 48–49; more money and, 56; movement of, 10; nature and, 56–59, 75–76, 80–84; new conventional wisdom on, 23–24; noise and, 47; philosophy and, 21, 27, 31–32, 49–50; politics and, 22–30, 33, 43–44, 50–54; productivity and, 27, 38, 42, 51; psychology of, 44–50; religion and, 32–33, 43, 50; sense of flow and, 48–49, 51; shame and, 47; Slow Movement and, 27–28, 205; social engagement and, 10; social welfare and, 25–26, 30–32, 35, 39–42, 50–53; statistics and, 35–42, 51–52; technology and, 24–25, 35–37, 44, 53–54; unemployment and, 56; utiltariansim and, 31–32; volunteering and, 46–49 Happiness: Lessons from a New Science (Layard), 39 Happy Planet Index, 36 Harvard, 100 Hayek, Friedrich von, 215–16 health care, 4–5, 11; fairness and, 137–43; happiness and, 24, 33–38, 42–43, 48, 50; institutions and, 247, 252–53; measurement and, 181, 188–93, 200, 207; Obama administration and, 285; policy reform and, 285, 290, 293; politics and, 269; posterity and, 89, 93–94, 97–99, 103, 106, 111–13; trust and, 172 hedonic treadmill, 40 Henderson, David, 68 Himalayan glaciers, 66–67 hippies, 27 Hirsch, Fred, 190, 213 Hobbes, Thomas, 114 HSBC, 279 Hugo, Victor, 131 human capital, 81, 203–4, 282 Human Development Index (HDI), 36 Hume, David, 120 Hungary, 239 hybrid cars, 61 hyperinflation, 110–11 Idea of Justice, The (Sen), 43 illegal downloading, 196–97 incandescent light bulbs, 59–60 income.


pages: 337 words: 86,320

Everybody Lies: Big Data, New Data, and What the Internet Can Tell Us About Who We Really Are by Seth Stephens-Davidowitz

affirmative action, AltaVista, Amazon Mechanical Turk, Asian financial crisis, Bernie Sanders, big data - Walmart - Pop Tarts, Cass Sunstein, computer vision, correlation does not imply causation, crowdsourcing, Daniel Kahneman / Amos Tversky, desegregation, Donald Trump, Edward Glaeser, Filter Bubble, game design, happiness index / gross national happiness, income inequality, Jeff Bezos, John Snow's cholera map, Mark Zuckerberg, Nate Silver, peer-to-peer lending, Peter Thiel, price discrimination, quantitative hedge fund, Ronald Reagan, Rosa Parks, sentiment analysis, Silicon Valley, statistical model, Steve Jobs, Steven Levy, Steven Pinker, TaskRabbit, The Signal and the Noise by Nate Silver, working poor

More generally, I tend not to trust Facebook status updates, for reasons that I will discuss in the next chapter—namely, our propensity to lie about our lives on social media. If you are alone and miserable on Christmas, do you really want to bother all of your friends by posting about how unhappy you are? I suspect there are many people spending a joyless Christmas who still post on Facebook about how grateful they are for their “wonderful, awesome, amazing, happy life.” They then get coded as substantially raising America’s Gross National Happiness. If we are going to really code Gross National Happiness, we should use more sources than just Facebook status updates. That said, the finding that Christmas is, on balance, a joyous occasion does seem legitimately to be true. Google searches for depression and Gallup surveys also tell us that Christmas is among the happiest days of the year. And, contrary to an urban myth, suicides drop around the holidays. Even if there are some sad and lonely people on Christmas, there are many more merry ones.

If someone writes “I am happy and in love and feeling awesome,” sentiment analysis would code that as extremely happy text. If someone writes “I am sad thinking about all the world’s death and depression,” sentiment analysis would code that as extremely sad text. Other pieces of text would be somewhere in between. So what can you learn when you code the mood of text? Facebook data scientists have shown one exciting possibility. They can estimate a country’s Gross National Happiness every day. If people’s status messages tend to be positive, the country is assumed happy for the day. If they tend to be negative, the country is assumed sad for the day. Among the Facebook data scientists’ findings: Christmas is one of the happiest days of the year. Now, I was skeptical of this analysis—and am a bit skeptical of this whole project. Generally, I think many people are secretly sad on Christmas because they are lonely or fighting with their family.

., 170–71 elections and order of searches, 10–11 predictions about, 9–14 voter turn out in, 9–10 elections, 2008 and A/B testing, 211–12 racism in, 2, 6–7, 12, 133, 134 and Stormfront membership, 139 elections, 2012 and A/B testing, 211–12 predictions about, 10 racism in, 2–3, 8, 133, 134 Trump and, 7 elections, 2016 and lying, 107 mapping of, 12–13 polls about, 1 predicting outcome of, 10–14 and racism, 8, 11, 12, 14, 133 Republican primaries for, 1, 13–14, 133 and Stormfront membership, 139 voter turn out in, 11 electronics company, and advertising, 222, 225, 226 “Elite Illusion” (Abdulkadiroglu, Angrist, and Pathak), 236 Ellenberg, Jordan, 283 Ellerbee, William, 34 Eng, Jessica, 236–37 environment, and life expectancy, 177 EPCOR utility company, 193, 194 EQB, 63–64 equality of opportunity, zooming in on, 173–75 Error Bot, 48–49 ethics and Big Data, 257–65 and danger of empowered government, 267 doppelganger searches and, 262–63 empowered corporations and, 257–65 and experiments, 226 hiring practices and, 261–62 and IQDNA study results, 249 and paying back loans, 257–61 and price discrimination, 262–65 and study of IQ of Facebook users, 261 Ewing, Patrick, 33 experiments and ethics, 226 and real science, 272–73 See also type of experiment or specific experiment Facebook and A/B testing, 211 and addictions, 219, 220 and hiring practices, 261 and ignoring what people tell you, 153–55, 157 and influence of childhood experiences data, 166–68, 171 IQ of users of, 261 Microsoft-Cambridge University study of users of, 261 “News Feed” of, 153–55, 255 and overemphasis on measurability, 254, 255 and pictures as data, 99 and “secrets about people,” 155–56 and size of Big Data, 20 and small data, 255 as source of information, 14, 32 and truth about customers, 153–55 truth about friends on, 150–53 and truth about sex, 113–14, 116 and truth about the internet, 144, 145 and words as data, 83, 85, 87–88 The Facebook Effect: The Inside Story of the Company That Is Connecting the World (Kirkpatrick), 154 Facemash, 156 faces black, 133 and pictures as data, 98–99 and truth about hate and prejudice, 133 Farook, Rizwan, 129–30 Father’s Day advertising, 222, 225 50 Shades of Gray, 157 financial incentives, for doctors, 230, 240 First Law of Viticulture, 73–74 food and phallic symbols in dreams, 46–48 predictions about, 71–72 and pregnancy, 189–90 football and advertising, 221–25 zooming in on, 196–97n Freakonomics (Levitt), 265, 280, 281 Freud, Sigmund, 22, 45–52, 272, 281 Friedman, Jerry, 20, 21 Fryer, Roland, 36 Gabriel, Stuart, 9–10, 11 Gallup polls, 2, 88, 113 gambling/gaming industry, 220–21, 263–65 “Gangnam Style” video, Psy, 152 Garland, Judy, 114, 114n Gates, Bill, 209, 238–39 gays in closet, 114–15, 116, 117, 118–19, 161 and dimensions of sexuality, 279 and examples of Big Data searches, 22 and handling the truth, 159, 161 in Iran, 119 and marriage, 74–76, 93, 115–16, 117 mobility of, 113–14, 115 population of, 115, 116, 240 and pornography, 114–15, 114n, 116, 117, 119 in Russia, 119 stereotype of, 114n surveys about, 113 teenagers as, 114, 116 and truth about hate and prejudice, 129 and truth about sex, 112–19 and wives suspicions of husbands, 116–17 women as, 116 and words as data, 74–76, 93 Gelles, Richard, 145 Gelman, Andrew, 169–70 gender and life expectancy, 176 and parents prejudice against children, 134–36, 135n of Stormfront members, 137 See also gays General Social Survey, 5, 142 genetics, and IQ, 249–50 genitals and truth about sex, 126–27 See also penis; vagina Gentzkow, Matt, 74–76, 93–97, 141–44 geography zooming in by, 172–90 See also cities; counties Germany, pregnancy in, 190 Ghana, pregnancy in, 188 Ghitza, Yair, 169–70 Ginsberg, Jeremy, 57 girlfriends, killing, 266, 269 girls, parents prejudice against young, 134–36 Gladwell, Malcolm, 29–30 Gnau, Scott, 264 gold, price of, 252 The Goldfinch (Tartt), 283 Goldman Sachs, 55–56, 59 Google advertisements about, 217–19 and amount of data, 21 and digitalizing books, 77 Mountain View campus of, 59–60, 207 See also specific topic Google AdWords, 3n, 115, 125 Google Correlate, 57–58 Google Flu, 57, 57n, 71 Google Ngrams, 76–77, 78, 79 Google searches advantages of using, 60–62 auto-complete in, 110–11 differentiation from other search engines of, 60–62 as digital truth serum, 109, 110–11 as dominant source of Big Data, 60 and the forbidden, 51 founding of, 60–62 and hidden thoughts, 110–12 and honesty/plausibility of data, 9, 53–54 importance/value of, 14, 21 polls compared with, 9 popularity of, 62 power of, 4–5, 53–54 and speed of data, 57–58 and words as data, 76, 88 See also Big Data; specific search Google STD, 71 Google Trends, 3–4, 3n, 6, 246 Gottlieb, Joshua, 202, 230 government danger of empowered, 266–70 and predicting actions of individuals, 266–70 and privacy issues, 267–70 spending by, 93, 94 and trust of data, 149–50 and words as data, 93, 94 “Great Body, Great Sex, Great Blowjob” (video), 152, 153 Great Recession, and child abuse, 145–47 The Green Monkey (Horse No. 153), 68 gross domestic product (GDP), and pictures as data, 100–101 Gross National Happiness, 87, 88 Guttmacher Institute, 148, 149 Hannibal (movie), 192, 195 happiness and pictures as data, 99 See also sentiment analysis Harrah’s Casino, 264 Harris, Tristan, 219–20 Harry Potter and the Deathly Hallows (Rowling), 88–89, 91 Hartmann, Wesley R., 225 Harvard Crimson, editorial about Zuckerberg in, 155 Harvard University, income of graduates of, 237–39 hate and danger of empowered governments, 266–67, 268–69 truth about, 128–40, 162–63 See also prejudice; race/racism health and alcohol, 207–8 and comparison of search engines, 71 and digital revolution, 275–76, 279 and DNA, 248–49 and doppelgangers, 203–5 methodology for studies of, 275–76 and speed of data transmission, 57 zooming in on, 203–5, 275 See also life expectancy health insurance, 177 Henderson, J.


pages: 324 words: 93,175

The Upside of Irrationality: The Unexpected Benefits of Defying Logic at Work and at Home by Dan Ariely

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Alvin Roth, assortative mating, Burning Man, business process, cognitive dissonance, corporate governance, Daniel Kahneman / Amos Tversky, end world poverty, endowment effect, Exxon Valdez, first-price auction, Frederick Winslow Taylor, George Akerlof, happiness index / gross national happiness, Jean Tirole, job satisfaction, knowledge economy, knowledge worker, loss aversion, Peter Singer: altruism, placebo effect, Richard Thaler, Saturday Night Live, second-price auction, software as a service, The Wealth of Nations by Adam Smith, ultimatum game, Upton Sinclair, young professional

Some respondents proposed their own answers to these problems and then evaluated them, while others sized up solutions that Stephen, Racheli, and I came up with. In our first experiment, we asked some participants to look at a list of three problems one at a time and generate their own proposed solution for each. (We called this the creation condition.) The problems were: Question 1: How can communities reduce the amount of water they use without imposing tough restrictions? Question 2: How can individuals help to promote our “gross national happiness”? Question 3: What innovative change could be made to an alarm clock to make it more effective? Once the participants finished generating their three solutions, we asked them to go back and rate each one on practicality and probability of success. We also asked them to tell us how much of their own time and money they would donate to promote their proposed solutions. For the noncreation condition, we asked another group of participants to look at the same set of problems, but they didn’t get to suggest any solutions.

For one thing, it was quite possible that their ideas really were better, objectively speaking, than the ones we came up with. But even if their ideas weren’t superior to ours overall, it could have been that our participants’ notions fit better with their own unique perspectives of the world. This principle is called an idiosyncratic fit. As an extreme example of this, imagine that a devoutly religious individual answered the question “How can individuals help to promote our ‘gross national happiness’?” by suggesting that everyone attend religious services daily. A steadfast atheist might respond to the same question by suggesting that everyone give up religion and focus instead on following the right kind of diet and exercise program. Each person may prefer his or her idea to ours—not because he or she came up with it but because it idiosyncratically fits with his or her underlying beliefs and preferences.

Remember that each participant saw only three of these problems with our proposed solutions and came up with solutions for the remaining three. Problem 1: How can communities reduce the amount of water they use without imposing tough restrictions? Proposed solution: Water lawns using recycled gray water recovered from household drains. Problem 2: How can individuals help to promote our “gross national happiness”? Proposed solution: Perform random acts of kindness on a regular basis. Problem 3: What innovative change could be made to an alarm clock to make it more effective? Proposed solution: If you hit snooze, your coworkers are notified via e-mail that you overslept. Problem 4: How can social networking sites protect user privacy without restricting the flow of information? Proposed solution: Use stringent default privacy settings, but allow users to relax them as necessary.


pages: 361 words: 81,068

The Internet Is Not the Answer by Andrew Keen

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, A Declaration of the Independence of Cyberspace, Airbnb, AltaVista, Andrew Keen, augmented reality, Bay Area Rapid Transit, Berlin Wall, bitcoin, Black Swan, Bob Geldof, Burning Man, Cass Sunstein, citizen journalism, Clayton Christensen, clean water, cloud computing, collective bargaining, Colonization of Mars, computer age, connected car, creative destruction, cuban missile crisis, David Brooks, disintermediation, Donald Davies, Downton Abbey, Edward Snowden, Elon Musk, Erik Brynjolfsson, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, Frank Gehry, Frederick Winslow Taylor, frictionless, full employment, future of work, gig economy, global village, Google bus, Google Glasses, Hacker Ethic, happiness index / gross national happiness, income inequality, index card, informal economy, information trail, Innovator's Dilemma, Internet of things, Isaac Newton, Jaron Lanier, Jeff Bezos, job automation, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kickstarter, Kodak vs Instagram, Lean Startup, libertarian paternalism, lifelogging, Lyft, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Metcalfe’s law, move fast and break things, move fast and break things, Nate Silver, Network effects, new economy, Nicholas Carr, nonsequential writing, Norbert Wiener, Norman Mailer, Occupy movement, packet switching, PageRank, Paul Graham, peer-to-peer, peer-to-peer rental, Peter Thiel, Plutocrats, plutocrats, Potemkin village, precariat, pre–internet, RAND corporation, Ray Kurzweil, ride hailing / ride sharing, Robert Metcalfe, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, smart cities, Snapchat, social web, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, TaskRabbit, Ted Nelson, telemarketer, The Future of Employment, the medium is the message, the new new thing, Thomas L Friedman, Tyler Cowen: Great Stagnation, Uber for X, urban planning, Vannevar Bush, Whole Earth Catalog, WikiLeaks, winner-take-all economy, working poor, Y Combinator

The establishment of a Bentham-style electronic panopticon, fused with his utilitarian faith in the quantification of society, is what is so terrifying about twenty-first-century networked society. We are drifting into a Benthamite world in which everything—from our fitness to what we eat to our driving habits to how long and how hard we work—can be profitably quantified by companies like Google’s smart home device manufacturer Nest, which is already building a lucrative business managing the electricity consumption of consumers on behalf of energy utilities.41 And with its Gross National Happiness Index and its secret experiments to control our moods, Facebook is even resurrecting Bentham’s attempt to quantify our pleasure and pain. In an electronic panopticon of 50 billion intelligent devices, a networked world where privacy has become a privilege of the wealthy, it won’t just be our televisions, our smartphones, or our cars that will be watching us. This is John Lanchester’s “new kind of human society,” a place where everything we do and every place we go can be watched and turned into personal data—a commodity that EU consumer commissioner Meglena Kuneva describe as the “new oil of the Internet and the new currency of the digital world.”42 “Is the Internet now just one big human experiment?”

As Kirkpatrick notes, McLuhan “is a favorite at the company” because “he predicted the development of a universal communications platform that would unite the planet.”92 Zuckerberg shares McLuhan’s narrative fallacy, seeing the Internet “as just this massive stream of information. It’s almost the stream of all human consciousness and communication, and the products we build are just different views of that.”93 One ominous 2009 Facebook project was thus the Gross Happiness Index, a classically utilitarian attempt to measure the mood of its users by analyzing the words and phrases that they publish on their Facebook page. Another was the even creepier 2012 company study that altered the news feeds of 700,000 Facebook users to experiment with their mood swings.94 Sergey Brin’s “big circle” of data is, for Mark Zuckerberg, the recursive loop of the social Web. The more people who join Facebook, the more valuable—culturally, economically, and, above all, morally—Zuckerberg believes Facebook will become to us all.


pages: 235 words: 65,885

Peak Everything: Waking Up to the Century of Declines by Richard Heinberg, James Howard (frw) Kunstler

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

anti-communist, Asilomar, back-to-the-land, clean water, Community Supported Agriculture, deindustrialization, delayed gratification, demographic transition, ending welfare as we know it, energy transition, Fractional reserve banking, greed is good, Haber-Bosch Process, happiness index / gross national happiness, income inequality, Intergovernmental Panel on Climate Change (IPCC), land reform, means of production, oil shale / tar sands, peak oil, Plutocrats, plutocrats, post-oil, reserve currency, ride hailing / ride sharing, Ronald Reagan, the built environment, the scientific method, Thomas Malthus, too big to fail, urban planning

If GDP is set to decline relentlessly in a post-growth world economic regime, then we need a way to focus our collective attention on non-consumptive aspects of economic and civic life so as to motivate useful action in directions where progress is still possible. Fortunately, alternative economic indicators are beginning to garner attention in cities and nations around the world. I discuss the Genuine Progress Indicator (GPI) on page 17 of the Introduction, but it’s also important to mention Gross National Happiness (GNH). That term was coined in 1972 by Bhutan’s former King Jigme Singye Wangchuck to signal his commitment to building an economy that would preserve Bhutan’s Buddhist culture as the nation opened trade with the West. Canadian health epidemiologist Michael Pennock helped design GNH, and has advocated for the adoption of a “de-Bhutanized” version of it in his home city of Victoria, British Columbia.

Social Wellness: Indicated via direct survey and statistical measurement of social metrics such as discrimination, safety, divorce rates, complaints of domestic conflicts and family lawsuits, public lawsuits and crime rates; and 7. Political Wellness: Indicated via direct survey and statistical measurement of political metrics such as the quality of local democracy, individual freedom and foreign conflicts. Contraction in population levels and consumption rates doesn’t sound like much fun, but a few decades of improvement in Gross National Happiness — potentially achievable under material circumstances that are by now unavoidable — should be an attractive notion to most people. The related idea that life can be better without fossil fuels is a core tenet of the Transition Town movement, which started in England in 2005 (I quote its founder, Rob Hopkins, on pages 135-136). Transition Initiatives are grassroots efforts to wean communities off dependence on oil and other carbon fuels by promoting local resilience (through development of things like local food systems and ride-share programs).


pages: 296 words: 82,501

Stuffocation by James Wallman

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, Airbnb, back-to-the-land, Berlin Wall, big-box store, Black Swan, BRICs, carbon footprint, Cass Sunstein, clean water, collaborative consumption, commoditize, creative destruction, crowdsourcing, David Brooks, Fall of the Berlin Wall, happiness index / gross national happiness, high net worth, income inequality, Intergovernmental Panel on Climate Change (IPCC), James Hargreaves, Joseph Schumpeter, Kitchen Debate, Martin Wolf, mass immigration, McMansion, means of production, Nate Silver, Occupy movement, Paul Samuelson, post-industrial society, Post-materialism, post-materialism, Richard Florida, Richard Thaler, sharing economy, Silicon Valley, Simon Kuznets, Skype, spinning jenny, The Signal and the Noise by Nate Silver, Thorstein Veblen, Tyler Cowen: Great Stagnation, World Values Survey, Zipcar

They are all a bunch of splitters – because not only do they not agree with each other, they have all bypassed the other, internationally sanctioned challengers of GDP as measures of progress, like the Organisation for Economic Co-operation and Development (OECD)’s Better Life Index, based on eleven topics, the UN’s Human Development Index (HDI), featuring three dimensions and four indicators, and the granddaddy of all wellbeing measures: Bhutan’s Gross National Happiness (GNH), which was coined by Bhutan’s Dragon King in 1972 and is based on four “pillars”. It is all, as you can see, a very long way from the simplicity of GDP’s headline figure, a simple number that tells us if things are good, bad, up, down, and better, or not, than our neighbours. And we are still a long way from finding a dominant method for measuring society’s progress, as GDP does for economic progress.

Useful websites for progressive measures of social progress include: www4.hrsdc.gc.ca for Canada's Indicators of Well-being in Canada (IWC); uwaterloo.ca/canadian-index-wellbeing for The Canadian Index of Wellbeing (CIW); Australian Bureau of Statistics's www.abs.gov.au for Measuring Australia's Progress (MAP); www.oecdbetterlifeindex.org for the Organisation for Economic Co-operation and Development (OECD)’s Better Life Index; hdr.undp.org for the UN’s Human Development Index (HDI); www.grossnationalhappiness.com for Bhutan’s Gross National Happiness (GNH); and www.stateoftheusa.org for The State of the United States of America (SUSA). “Barry Schwartz recently proposed a psychological parallel to the Council of Economic Advisers that was created in 1946, a ‘Council of Psychological Advisers for the US President’.” Source: Barry Schwartz, “Move Over Economists: We Need a Council of Psychological Advisers”, The Atlantic, 12 November 2012.


pages: 235 words: 62,862

Utopia for Realists: The Case for a Universal Basic Income, Open Borders, and a 15-Hour Workweek by Rutger Bregman

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

autonomous vehicles, banking crisis, Bartolomé de las Casas, basic income, Berlin Wall, Bertrand Russell: In Praise of Idleness, Branko Milanovic, cognitive dissonance, computer age, conceptual framework, credit crunch, David Graeber, Diane Coyle, Erik Brynjolfsson, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Gilder, George Santayana, happiness index / gross national happiness, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, income inequality, invention of gunpowder, James Watt: steam engine, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labour market flexibility, labour mobility, low skilled workers, means of production, megacity, meta analysis, meta-analysis, microcredit, minimum wage unemployment, Mont Pelerin Society, Nathan Meyer Rothschild: antibiotics, Occupy movement, offshore financial centre, Paul Samuelson, Peter Thiel, post-industrial society, precariat, RAND corporation, randomized controlled trial, Ray Kurzweil, Ronald Reagan, Second Machine Age, Silicon Valley, Simon Kuznets, Skype, stem cell, Steven Pinker, telemarketer, The Future of Employment, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tyler Cowen: Great Stagnation, universal basic income, wage slave, War on Poverty, We wanted flying cars, instead we got 140 characters, wikimedia commons, women in the workforce, working poor, World Values Survey

From healthcare to education, from journalism to finance, we’re all still fixated on “efficiency” and “gains,” as though society were nothing but one big production line. But it’s precisely in a service-based economy that simple quantitative targets fail. “The gross national product […] measures everything […] except that which makes life worthwhile,” said Robert Kennedy.25 It’s time for a new set of figures. As long ago as 1972, the Fourth Dragon King of Bhutan proposed a switch to measuring “gross national happiness,” since GDP ignored vital facets of culture and well-being (for starters, knowledge of traditional songs and dances). But happiness seems no less one-dimensional and arbitrary a quality to quantify than GDP; after all, you could be happy just because you’re three sheets to the wind – ce qu’on ne voit pas. And don’t setbacks, sorrow, and sadness have a place in a full life, too? It’s like the philosopher John Stuart Mill once said: “Better to be Socrates dissatisfied than a fool satisfied.”

Not only that, we need a good dose of irritation, frustration, and discontent to propel us forward. If the Land of Plenty is a place where everybody is happy, then it’s also a place steeped in apathy. Had women never protested, they would never have gained the vote; had African Americans never rebelled, Jim Crow might still be the law of the land. If we prefer to salve our grievances with a fixation on gross national happiness, that would spell the end of progress. “Discontent,” said Oscar Wilde, “is the first step in the progress of a man or a nation.” So how about some other options? Two candidates are the Genuine Progress Indicator (GPI) and the Index of Sustainable Economic Welfare (ISEW), which also incorporate pollution, crime, inequality, and volunteer work in their equations. In Western Europe, GPI has advanced a good deal slower than GDP, and in the U.S. it has even receded since the 1970s.

Rethinking Money: How New Currencies Turn Scarcity Into Prosperity by Bernard Lietaer, Jacqui Dunne

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, agricultural Revolution, Albert Einstein, Asian financial crisis, banking crisis, Berlin Wall, BRICs, business climate, business process, butterfly effect, carbon footprint, Carmen Reinhart, clockwork universe, collapse of Lehman Brothers, complexity theory, conceptual framework, credit crunch, discounted cash flows, en.wikipedia.org, Fall of the Berlin Wall, fear of failure, fiat currency, financial innovation, Fractional reserve banking, full employment, German hyperinflation, happiness index / gross national happiness, job satisfaction, liberation theology, Marshall McLuhan, microcredit, mobile money, money: store of value / unit of account / medium of exchange, more computing power than Apollo, new economy, Occupy movement, price stability, reserve currency, Silicon Valley, the payments system, too big to fail, transaction costs, trickle-down economics, urban decay, War on Poverty, working poor

This is in collaboration with the United Nations’ civil working group and the UN Happiness Resolution, which I hope will become a stellar international project. It would illustrate how TimeBanking can be used in many ways, including social projects with many others throughout the world and including Hub members. The goal is to be “an exploration of the heart of happiness,” which is compassion, community, and deep connections between each other, envisioning ways to move beyond GDP to Gross National Happiness based on other metrics.” 132 PROSPERITY FRIENDLY FAVORS One of the most consistent outcomes reported by participants involved in cooperative currency initiatives is the development of a renewed sense of community and support from that community. Perhaps surprisingly, as a result of using a currency to acknowledge caring, assistance, or even random acts of kindness, the need to use the very currency that cultivated those behaviors and in a way kept score dissipates over time.

See Trash Garden, 151, 161 Geuro, 149 GI Bill, 153 Gift, 47– 49, 82 Glass-Steagall Act, 69–70 Globalization, 86, 221 Global Trading Network, 182–183 Golden ghetto, 19 Gold standard, 24–26; Free Lakota Bank and, 113; homogeneity and, 65– 66; as reference currency, 140; Terra and, 135; in Utah, 201; in Weimar Republic, 236n10 INDEX Goodwill: in Friendly Favors, 132–133; TimeBank and, 82 Google, 200 Google Wallet, 115–116 Government Accountability Office (GAO), 170–171 Government debt, 42– 43, 70, 145–147, 227n21 Gramm-Leach-Bliley Act, 70 Great Depression, 24, 175, 180–181; GDP and, 35; GNP and, 33– 34; WIR and, 99, 102 Greece, 149 Greed, 4 Green products, 152, 186 Greenwashing, 198 Gross domestic product (GDP), 34– 35, 131, 146 Gross National Happiness, 131 Gross national product (GNP), 33– 35 Growth pressure, 2, 42– 43, 52– 53 Happy Futures Global Challenge, 131 Hate group, 182 Health care, 14, 16; free clinic, 162–165; in Mae Hong Son, 205 Helplessness, 17 High-powered money, 40 Hitler, Adolf, 180, 236n10 Holacracy, 191 Homogeneity, 65– 66, 86 Honey, 130–131 HOURS, 162–165, 163 Housing: buying, 110–111, 142–143; improvised, 141 Hubbee, 130–131 Hub Network, 130–131 Human construct, 2, 13, 217 Human right, 49 Human Right, A, 165–166 Hyperinflation, 70, 176, 178–179 ICCO, 105 Identity, 19 Immediacy.


pages: 390 words: 115,769

Healthy at 100: The Scientifically Proven Secrets of the World's Healthiest and Longest-Lived Peoples by John Robbins

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

clean water, collective bargaining, Community Supported Agriculture, Donald Trump, happiness index / gross national happiness, illegal immigration, indoor plumbing, land reform, life extension, lifelogging, Maui Hawaii, meta analysis, meta-analysis, randomized controlled trial, Silicon Valley, telemarketer

Roughly the size of Switzerland, Bhutan is the only independent Buddhist monarchy in the world, and the only country in the world that practices the Tantric form of Mahayana Buddhism as its official religion. In April 1987, Bhutan’s young monarch, King Jigme Singye Wangchuck, was interviewed by the Financial Times. Asked about his nation’s economic development, which was among the world’s lowest, he replied, “Gross National Happiness is more important than Gross Domestic Product.”13 Though Bhutan has its problems,14 King Wangchuck’s statement was not an idle remark. Under his leadership, Bhutan has made Gross National Happiness its official index for evaluating development. As a result, the guiding principles of all Bhutanese policies have been to ensure that prosperity is shared across society, that cultural traditions are honored, the environment is protected, and the government is kept responsive to the real needs of the people.

In 2005, Bhutan became the first nation in the world to impose a national ban on the sale of tobacco and on smoking in public places.15 As Buddhists, the Bhutanese don’t kill animals for food. (If a cow dies naturally, though, they will eat it.) Most of their meals are centered on red rice, accompanied by chili peppers and other vegetables, all home-grown, with occasional cheese from local cows. There is not a single McDonald’s, Burger King, KFC, or Pizza Hut in the entire country.16 Perhaps the most remarkable part of Bhutan’s commitment to Gross National Happiness is a stunning dedication to preserving the country’s natural resources. While the forests of all its neighboring countries have been decimated in recent years, Bhutan retains the highest original forest cover of any nation on earth.17 The hunting of animals is prohibited, as is fishing in the rivers. Livestock grazing, logging, and mining are strictly controlled and limited. Plastic bags are banned, as are two-stroke engines.


pages: 502 words: 107,657

Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die by Eric Siegel

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Albert Einstein, algorithmic trading, Amazon Mechanical Turk, Apple's 1984 Super Bowl advert, backtesting, Black Swan, book scanning, bounce rate, business intelligence, business process, call centre, commoditize, computer age, conceptual framework, correlation does not imply causation, crowdsourcing, dark matter, data is the new oil, en.wikipedia.org, Erik Brynjolfsson, Everything should be made as simple as possible, experimental subject, Google Glasses, happiness index / gross national happiness, job satisfaction, Johann Wolfgang von Goethe, lifelogging, Machine translation of "The spirit is willing, but the flesh is weak." to Russian and back, mass immigration, Moneyball by Michael Lewis explains big data, Nate Silver, natural language processing, Netflix Prize, Network effects, Norbert Wiener, personalized medicine, placebo effect, prediction markets, Ray Kurzweil, recommendation engine, risk-adjusted returns, Ronald Coase, Search for Extraterrestrial Intelligence, self-driving car, sentiment analysis, software as a service, speech recognition, statistical model, Steven Levy, text mining, the scientific method, The Signal and the Noise by Nate Silver, The Wisdom of Crowds, Thomas Bayes, Turing test, Watson beat the top human players on Jeopardy!, X Prize, Yogi Berra, zero-sum game

The leading story of this chapter is from this research: Eric Gilbert and Karrie Karahalios, Department of Computer Science, University of Illinois at Urbana–Champaign, “Widespread Worry and the Stock Market,” Association for the Advancement of Artificial Intelligence (www.aaai.org), March 12, 2010. http://comp.social.gatech.edu/papers/icwsm10.worry.gilbert.pdf. Governments such as Bhutan’s measure mass mood, e.g., via their gross national happiness index, as a means to track prosperity: Jyoti Thottam/Thimphu, “The Pursuit of Happiness,” TIME, Vol. 180, No. 17, October 22, 2012. www.time.com/time/magazine/article/0,9171,2126639,00.html. Can blogs and tweets predict the future?: Jim Giles, “Blogs and Tweets Could Predict the Future,” New Scientist Online, June 21, 2010. www.newscientist.com/article/mg20627655.800. Regarding the oppressiveness of fear/anxiety: Carsten Boers, “Applied Love,” Business Buddhism blog, March 28, 2012. http://carstenboers.com/2012/03/28/applied-love/.


pages: 207 words: 86,639

The New Economics: A Bigger Picture by David Boyle, Andrew Simms

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Asian financial crisis, back-to-the-land, banking crisis, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, capital controls, carbon footprint, clean water, collateralized debt obligation, colonial rule, Community Supported Agriculture, congestion charging, corporate raider, corporate social responsibility, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, delayed gratification, deskilling, en.wikipedia.org, energy transition, financial deregulation, financial exclusion, financial innovation, full employment, garden city movement, happiness index / gross national happiness, if you build it, they will come, income inequality, informal economy, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, land reform, light touch regulation, loss aversion, mega-rich, microcredit, Mikhail Gorbachev, mortgage debt, neoliberal agenda, new economy, North Sea oil, Northern Rock, offshore financial centre, oil shock, peak oil, pensions crisis, profit motive, purchasing power parity, quantitative easing, Ronald Reagan, seigniorage, Simon Kuznets, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, trickle-down economics, Vilfredo Pareto, Washington Consensus, wealth creators, working-age population

That means, at least in the UK, we need to consign the GDP figures to some dusty corner of the Treasury, released on a quiet day in Parliament, and put centre stage in the annual budget statements a detailed set of national well-being accounts that would allow us to understand well-being better and track changes over time. A number of possible measures are already available, including the Index of Sustainable Economic Welfare and the Happy Planet Index: Bhutan already measures Gross National Happiness. Like so much else that is vital to our futures, this is something the government will find it hard to achieve by itself. The well-being figures will have to be treated as important by opposition politicians and media alike: they must fight their political battles over them as evidence of progress. That means dethroning GDP not just because it fails as a measure of national progress, but because the new economics wants to undermine the idea that only money ‘growth’ can provide what we need for national spending.

(John Kenneth) 41, 51 gambling 14–15, 152 Gandhi, Mohandas (Mahatma) 18, 19, 21, 110, 112 Gates, Bill 141 Gates, Jeff 141–2 GDP (gross domestic product) 10, 32, 36–40, 42, 43, 54, 79 alternatives to 40–2, 43 bad measure of success 10, 37, 55, 78 INDEX global 141 UK 4 see also growth genetically modified crops see GM crops Germany 33, 50, 58 Gladwell, Malcolm 68 Global Barter Clubs 57, 58 global commons 113, 148 global currencies 56, 61, 120, 147–8 global greenback 61 global warming 3, 3–4, 115, 155 see also climate change globalization 8, 28, 143, 153 see also interdependence GM (genetically modified) crops 91, 117, 119, 140–1 Goetz, Stephan 124 gold standard 8, 143 Good Life, The (BBC sitcom) 69 goods, local 19, 109, 110 Goodwin, Fred 142 government borrowing 37–8, 49–50, 58, 62, 141 governments 2, 28, 116, 129, 158 creating money 58–9, 62, 90 propping up banking system 6, 7 Graham, Benjamin 120 Grameen Bank 26, 143–4, 153 Great Barrington (Massachusetts) 57, 151–2, 153 Great Depression 3, 36, 57 green bonds 157 green collar jobs 106, 157 Green Consumer Guide, The (Elkington and Hailes, 1988) 26, 69, 72 green economics 23, 100, 117 green energy 26, 97, 102–3, 114, 156, 157 Green New Deal 156–8 green taxation 153 greenhouse gas emissions 3–4, 115, 148 gross domestic product see GDP Gross National Happiness 43 growth 2, 11, 12–13, 23, 36–7, 38–40, 42, 43 185 bad measure of success 10, 158 maximizing 25 and poverty 4, 39–40, 81–2 and progress 39, 78 wealth defined in terms of 32 and well-being 4–5 see also GDP guilds 80, 80–1 happiness 12, 18, 29, 41, 43, 45–6 Happy Planet Index 32–3, 34, 43 Hard Times (Dickens, 1854) 36 HBOS 7 health 46, 72, 78, 96, 115, 129 health costs 117 healthcare 13, 33, 44 hedge funds 5, 7, 97, 120 Helsinki (Finland) 102 HIV/AIDS 70, 111, 135, 148 Honduras 139, 141 house prices 36, 46, 79, 83, 91, 126–7, 151 London 53, 54, 91 see also mortgages Howard, Ebenezer 105, 158 HSBC 5 human interaction 67–8, 74 human needs 20, 24, 67, 86 human rights 110–11, 116, 147 ill-health 35, 38, 46 ‘illth’ 29, 35 IMF (International Monetary Fund) 27, 82, 91, 135–6, 139, 143, 147, 147–8 incomes 24, 37, 43, 44, 78, 79, 81 and happiness 45–6 inequalities 37, 81, 82, 142 of poorest 4, 81, 82, 112, 142 Index of Sustainable Economic Welfare see ISEW India 82, 91, 110, 119, 136, 139–40, 153 indigenous knowledge 82, 117 inequality 4, 81–2, 96, 112–13, 116 inflation 8, 22, 58, 90 information technology 58, 59, 115 186 THE NEW ECONOMICS intellectual property 82, 91, 110, 113, 116, 117 interdependence 111–20, 135–8 Keynes on 19, 109, 110, 115, 143 see also globalization interest 8, 11, 11–12, 58, 77, 157 interest rates 144, 144–5 interest-free money 43, 73, 84, 90 intergenerational equity 25, 117 international bankruptcy 147 International Monetary Fund see IMF investment 14, 45, 53, 60, 104, 118, 137–8 ethical 26, 69–70, 74, 154 involvement 71, 75, 128–30 Iraq 49, 60, 136 ISEW (Index of Sustainable Economic Welfare) 40–1, 43, 78 Islamic banking 58, 90, 146 islands, small 31–2, 33–4 Italy 33, 119–20, 138 Ithaca hours currency 57, 58 It’s a Wonderful Life (film, Capra, 1946) 38 Jacobs, Jane 56, 110, 126 Jaffe, Bernie 126 Japan 26, 50, 91, 113, 119, 128 Jefferson, Thomas 18, 20 Jersey 52, 53 Jones, Allan 103 Jubilee Debt campaign 137 junk bonds 1, 142–3 just-in-time 123–4, 155 Keynes, John Maynard 2, 13–14, 15, 17, 21, 37, 55 on interdependence 19, 109, 110, 115, 143 international currency 61, 120 on local production 19, 109, 110 on ‘practical men’ as ‘slaves of some defunct economist’ 10, 35, 67, 87, 159 Keynesian economics 8, 18, 22, 27, 28 Kinney, Jill 130 Knowsley (Merseyside) 104 Kropotkin, Peter 18 Krugman, Paul 52 land 19, 82, 96 land tax 43 landfill 97, 98, 100, 107 Layard, Richard 41 Lehigh Hospital (Pennsylvania) 129 Letchworth Garden City (Hertfordshire) 105 lets (local exchange and trading systems) 57 liberalism 18, 19, 27 Lietaer, Bernard 56, 61, 120 life 19, 29, 55, 69, 86, 91 need for meaning 42, 75 life expectancy 31, 32–3, 82 life poverty 82–3 life satisfaction 31, 33, 41, 42 Lima (Peru) 130–1 Linton, Michael 57, 58 Living Economy, The (Ekins, 1986) 24–5 LM3 (Local Money 3) 60, 104–5 loans see debt Local Alchemy programme 152–3 local circulation of money 103–5, 107, 124, 151–2 local currencies 26, 56, 57, 58, 59, 60, 151–2, 153 local economies 26, 81, 85, 86, 105–7, 118, 124, 133 local exchange and trading systems (lets) 57 local food 2, 118, 119–20, 151 local governments 6, 44, 60 local life 4, 81, 158 Local Money 3 see LM3 local production 109, 116, 118 local savings schemes 61 local shops 75, 82–3, 104, 124, 124–5, 126, 151 supermarkets and 80, 105, 125 local wealth 14, 53–4 localization 155–6, 159 London 52, 53, 61, 97, 102, 103 house prices 53, 54, 91 traffic speed 65–6 INDEX London Underground 147 Lutzenberger, Jose 26 Macmillan Cancer Care 88–9 McRobie, George 22, 24 mainstream 4–5, 26, 154, 159–60 see also economics Malawi 135–6, 137 Malaysia 51 Manchester United 155 manipulated debt 139–41 markets 10, 12, 51, 70, 158 financial 1–2, 52, 53, 55, 138, 154–5 free 22, 85, 112–13 new economics and 67, 72–5, 85 Marsh Farm estate (Luton) 104–5, 152–3 Maslow, Abraham 67 materialism 12, 46–7 Max-Neef, Manfred 24 Maxwell, Robert 143 MDGs (Millennium Development Goals) 39, 136 Mead, Margaret 129 meaning, need for 42, 75 measurement problem 36–40 measuring 12, 42, 55, 85 success 2, 8, 10, 43, 44, 55, 154, 156, 158 value 10, 15, 29, 53, 59, 115 wealth 32, 37–40, 53–4 well-being 4, 18, 32–3, 34, 43 mechanics, Cuban 95–6, 97 medieval economics 78–80, 80–1 mega-rich 120, 141, 142 mental health 4, 35, 36, 46, 68, 83 Merck 99 micro-credit 26, 143–4, 145, 146, 151, 153 Milkin, Michael 142 Millennium Development Goals see MDGs minimum wage 92 misery, of UK young people 35–6 Mishan, E.J. 40 Mogridge, Martin 65–6, 74 Mondragon (Spain), cooperatives 153 money 8, 11, 13, 18, 27, 29, 36, 95 187 as a bad measure 10, 15, 18, 53, 59, 90, 143, 154 creating 7, 56–7, 58–9, 84, 90, 120, 138, 147 designed for money markets 53 economics and 25, 127 externalities 35 and life 55, 86, 154, 159 local circulation 103–5, 107, 124, 151–2 means to an end 15 new economics view 15, 59–60, 89 new ways of organizing 56–60 re-using 103–5 replacing with well-being 42 slowing down 51–2, 60 too little 57 types of 14–15, 57, 59, 120 and value 10, 15, 53, 59 and wealth 15, 19, 32, 38, 78 and well-being 18, 21, 81 see also GDP; growth; price; trickle down money flows 26, 50–2, 60, 103–5, 107, 124, 136–8 money markets 1–2, 52, 53, 55, 138, 154–5 money poverty 81–2 money system 7–8, 50–6, 60 monopolies 8, 20, 83, 84–6, 89–90, 125–6, 133, 146 Monsanto 85, 140 moral philosophy 12, 19, 72–3 morality 8, 18, 28, 74, 115 economics and 12, 19, 22 Morris, William 18, 78, 151 mortgages 1, 4, 5–6, 6, 7, 46, 91 working to pay 46, 68, 73, 77–8, 79, 81, 83, 84, 89, 126–7, 140 see also house prices motivations 4–5, 11, 67–9, 70, 71, 72, 73, 75 multinationals 14, 61, 84–5, 90, 137–8, 139, 143 multiple currencies 58, 59–60, 60, 90 multiplier effect 103–5 Murdoch, Rupert 52 188 THE NEW ECONOMICS Myers, Norman 117 Nanumaea (Tuvalu) 34 national accounting 37–8, 38–9 national debt 49–50, 83, 84, 139, 141 national grid 102, 106 National Health Service see NHS natural capital 3, 99 natural resources 22, 40, 43, 84, 97–8 needs 20, 24, 25, 67, 75, 86 basic 25, 89, 91–2, 115 nef (the new economics foundation) 24, 26, 45, 71, 104, 131–2, 145 Local Alchemy programme 152–3 see also Happy Planet Index; LM3 ‘neo-liberal’ policies 8, 27–8 Nether Wallop (Hampshire) 80, 81 The Netherlands 58, 106, 138 New Century 5 New Deal for Communities 152 New Deal (US) 157 new economics 2–3, 9–10, 18–19, 28–9, 59, 153–4, 159–60 Cuba as object lesson 96–7 history of 9–10, 18–19, 21–7 and the mainstream 26 as new definition of wealth 15 principles 35, 157–8 new economics foundation see nef New York City 52, 128 News Corporation 52 NHS (National Health Service) 87, 114, 131 Northern Rock 6 Nottingham 35 Nu-Spaarpas experiment 106 Obama, Barack 154, 157 obsolescence, built-in 98, 100, 101 odious debt 146 offshore assets 136–7 offshore financial centres 52–3, 61 oil 3, 96, 115, 117, 155 Oil Legacy Fund 157 orchards 111, 112, 115, 124 organic food 26 Ostrom, Elinor 127 out-of-town retailing 75, 80, 123, 132 overconsumption 32, 40, 44, 113 Owen, Robert 57 ownership 11, 46, 60, 91, 118, 156 paid work 87–9, 92 palm oil 112 Partners in Health 130–1 peak oil 3, 96, 117, 155 Pearce, David 25–6, 98, 115 Peasants’ Revolt (1381) 18 pensions 7, 44, 61, 73, 155 people, as assets 15, 57–8, 128–9, 130, 131 permit trading 45, 117–18, 148 personal carbon allowances 45, 117–18 personal debt 7, 36, 83–4, 91, 140, 141 Petrini, Carlo 119–20 Pettifor, Ann 135, 137 philanthropy 130, 133 policy makers 28, 35, 73, 87, 90 assumptions of 67, 68, 73, 128 Keynes on 10, 35, 67, 87, 159 political agenda 42–7 politicians 11, 54, 159 politics, new 159 pollution 10, 35, 37, 40, 98, 112, 114 by GM genes 91, 117, 119 poor 29, 145–6 Porritt, Jonathon 23 post-autistic economics 9–10, 71–2 poverty 4, 23, 35, 79–80, 81–2, 127 economic system and 13–14, 18, 29, 81–2, 154 interdependence leading to 111–15 reduction 39–40, 51–2, 61, 116, 124–5 poverty gap 4, 52–3, 78, 82 power 10, 12, 25, 28, 53, 141–2 corporate 20, 28, 85 monopoly power 83, 89–90, 125–6, 146 power relationships 29, 114 price 10, 67, 72, 73, 115, 153 Price, Andrew 132 INDEX prices 80, 156, 158 Pritchard, Alison 23 product life cycle 97–8, 101 professionals 130, 132, 133, 159 profits 12, 13, 99 progress 36, 37–8, 39, 43, 44, 77–8, 81–2, 84 Proudhon, Pierre-Joseph 120 psychology, economics and 67–8, 71, 72–3 public goods 148 public sector commissioning 131–2, 133 public services 45, 74, 127–32, 158 public transport 66, 74 ‘purchasing power parity’ 81 Putnam, Robert 126–7, 127–8 189 retirement 46, 73 see also pensions rewarded work 88 rewards 7, 8, 11, 25, 92, 141, 142 roads 66, 115 Robertson, James 17, 22, 23, 55, 145 Rockefeller, John D. 28 Roman Catholic church 19, 21, 117 Roosevelt, Eleanor 96 Roosevelt, Franklin Delano 157 Rotterdam (The Netherlands) 106 rubbish 97–105 Rupasingha, Anil 124 Rushey Green surgery (London) 131 Ruskin, John 17–18, 18, 29, 35, 78, 81 Russia 110 qoin system 58 rainforests 4, 10, 111, 112 ‘rational man’ assumption 10, 71 RBS 142 re-use 97, 99, 100–5 Reagan, Ronald 22, 27 real money, generating 120 ‘real’ wealth 2, 32, 36–40 reciprocity 44, 128, 128–30, 133 see also co-production recycling 97, 98, 100–1, 105–6, 106–7 redistribution 19, 27, 52, 96 regeneration 27, 104, 105, 107, 116, 124, 128 regional currencies 58, 59, 60 regulation 129, 156 competition 85, 113, 125, 126, 133 financial sector 53, 85, 157 relationships 4, 69, 83, 128–30 remittances 137 Rendell, Matt 33 renewable energy 26, 97, 102, 102–3, 114, 156, 157 repair 97, 98, 101, 105, 107 resources 32, 43, 97–8, 99, 100–1, 114, 158 local 25, 115 natural 22, 40, 43, 84, 97–8 St Louis (Missouri) 131 Samoa 34 Sane (South African New Economics) 58 saving seeds 91, 117, 119, 141 savings 7, 46, 73, 90, 157 schools 131 Schor, Juliet 83 Schumacher, E.F.


pages: 327 words: 90,542

The Age of Stagnation by Satyajit Das

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Albert Einstein, Alfred Russel Wallace, Anton Chekhov, Asian financial crisis, banking crisis, Berlin Wall, bitcoin, Bretton Woods, BRICs, British Empire, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Clayton Christensen, cloud computing, collaborative economy, colonial exploitation, computer age, creative destruction, cryptocurrency, currency manipulation / currency intervention, David Ricardo: comparative advantage, declining real wages, Deng Xiaoping, deskilling, disintermediation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, happiness index / gross national happiness, Honoré de Balzac, hydraulic fracturing, Hyman Minsky, illegal immigration, income inequality, income per capita, indoor plumbing, informal economy, Innovator's Dilemma, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, labour mobility, light touch regulation, liquidity trap, Long Term Capital Management, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, Mikhail Gorbachev, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, passive income, peak oil, peer-to-peer lending, pension reform, Plutocrats, plutocrats, Ponzi scheme, Potemkin village, precariat, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, Ralph Nader, Rana Plaza, rent control, rent-seeking, reserve currency, ride hailing / ride sharing, rising living standards, risk/return, Robert Gordon, Ronald Reagan, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, TaskRabbit, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, the payments system, The Spirit Level, Thorstein Veblen, Tim Cook: Apple, too big to fail, total factor productivity, trade route, transaction costs, unpaid internship, Unsafe at Any Speed, Upton Sinclair, Washington Consensus, We are the 99%, WikiLeaks, Y2K, Yom Kippur War, zero-coupon bond, zero-sum game

It measures neither our wit nor our courage; neither our wisdom nor our learning; neither our compassion nor our devotion to our country; it measures everything, in short, except that which makes life worthwhile.3 As the European debt crisis gathered momentum, French president Nicolas Sarkozy lamented GDP fetishism, lashing out at “a cult of figures.” He commissioned Nobel Prize–winning economists Joseph Stiglitz and Amartya Sen to develop a new measure, the gross national happiness championed by Bhutan, which would take into account the quality of health services, welfare systems, leisure, and intergenerational issues. But like GDP, gross national happiness is difficult to measure. The enthusiasm for it was, in reality, based on the president's desire to boost France's moribund economic performance, especially relative to the US. In 2014, Europeans started to include drugs, prostitution, and other unreported businesses in GDP calculations. This increased Italian GDP by around 2 percent, allowing the government to produce the required budget surplus before financing costs of 3 percent of GDP and reduce its debt-to-GDP ratio, at the time over 130 percent, well above the agreed 60 percent limit.


pages: 404 words: 124,705

The Village Effect: How Face-To-Face Contact Can Make Us Healthier, Happier, and Smarter by Susan Pinker

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

assortative mating, Atul Gawande, Bernie Madoff, call centre, cognitive dissonance, David Brooks, delayed gratification, Edward Glaeser, epigenetics, Erik Brynjolfsson, estate planning, facts on the ground, game design, happiness index / gross national happiness, indoor plumbing, invisible hand, Mark Zuckerberg, medical residency, Menlo Park, meta analysis, meta-analysis, neurotypical, Occupy movement, old-boy network, place-making, Ponzi scheme, Ralph Waldo Emerson, randomized controlled trial, Ray Oldenburg, Silicon Valley, Skype, Steven Pinker, The Great Good Place, The Wisdom of Crowds, theory of mind, Tony Hsieh, urban planning, Yogi Berra

Journal of the American Board of Family Medicine 19 (2006); L. H. Powell, L. Shahabi, and C. E. Thoresen, “Religion and Spirituality: Linkages to Physical Health,” American Psychologist 58 (2003); Arthur Brooks, Gross National Happiness (New York: Basic Books, 2008). 2. Elizabeth Corsentino et al., “Religious Attendance Reduces Cognitive Decline Among Older Women with High Levels of Depressive Symptoms,” Journal of Gerontology 64A, no. 12 (2009). 3. Zev Chafets, “Is There a Right Way to Pray?” New York Times Magazine, September 20, 2009. 4. Arlie Russell Hochschild, The Outsourced Self: Intimate Life in Market Times (New York: Metropolitan Books, 2012). 5. Brooks, Gross National Happiness; Paul Bloom, “Does Religion Make You Nice? Does Atheism Make You Mean?” Slate, November 7, 2008, http://​www.​slate.​com/​articles/​life/​faithbased/​2008/​11/​does_​religion_​make_​you_​nice.​html. 6.

Making Globalization Work by Joseph E. Stiglitz

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, Andrei Shleifer, Asian financial crisis, banking crisis, barriers to entry, Berlin Wall, business process, capital controls, central bank independence, corporate governance, corporate social responsibility, currency manipulation / currency intervention, Doha Development Round, Exxon Valdez, Fall of the Berlin Wall, Firefox, full employment, Gini coefficient, global reserve currency, Gunnar Myrdal, happiness index / gross national happiness, illegal immigration, income inequality, income per capita, incomplete markets, Indoor air pollution, informal economy, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), inventory management, invisible hand, John Markoff, Kenneth Arrow, Kenneth Rogoff, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, microcredit, moral hazard, North Sea oil, offshore financial centre, oil rush, open borders, open economy, price stability, profit maximization, purchasing power parity, quantitative trading / quantitative finance, race to the bottom, reserve currency, rising living standards, risk tolerance, Silicon Valley, special drawing rights, statistical model, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, trickle-down economics, union organizing, Washington Consensus, zero-sum game

A VISION OF DEVELOPMENT In the array of statistics and anecdotes describing developing countries—some totally depressing, some conveying enormous hope—it's important to remember the big picture: success means sustainable, equitable, and democratic development that focuses on increasing living standards, not just on measured GDP. Income is, of course, an important part of living standards, but so too is health (measured, for instance, by life expectancy and infant mortality) and education.'7The The Promise of Development 45 king of Bhutan has spoken of GNH, gross national happiness, as he sought growth strategies that improved education, health, and the quality of life in rural areas as well as in the towns, all the while maintaining traditional values. GDP is a handy measure of economic growth, but it is not the bean and end-all of development. Growth must be sustainable. Everyone knows that by cramming for an exam you get your grade up, but what you learn is soon forgotten.

., 56, 300n G-8, 15, 209, 227 Garcia Merou, Martin, 213 GDP, xviii, 44, 153, 154, 181, 276, 322n, 324n of Argentina, 212, 222, 240 as measurement of development success, 45, 50, 130 of Moldova, 211 ratio of debt to, 218 of Russia, 234, 242 General Agreement on Tariffs and Trade (GATT), 75, 315n Uruguay Round, 75-76, 77-78, 84, 88, 105, 274-75, 306n General Electric, 65, 191, 201 General Motors, 65, 172, 187, 189, 279 generic drugs, 78, 104, 120-22, 315n-16n genetically modified foods, 94-95, 129 genetic structure, patents on, 13-14 Geneva, Switzerland, 278, 305n Georgia (nation), 140 Georgia (state), 192 Germany: greenhouse gases from, 172 tariffs of, 303n Treaty of Versailles and, 239 Venezuelan naval expedition oh 213 Ghana, 41, 331n Giffen, James, 139 INDEX Gilbert, Walter, 314n Gini coefficient, 294n Glacier National Park, 161 global economy, 5, 244 instability and volatility of, ix, xi, 245-46 legal framework for, 207-8 as propped up by U.S. purchasing power, 251-52, 261 as weakened by global reserve system, 250-54 global financial institutions, xii, xv, 3-4, 236 accountability oh 19, 283-84 democratic deficit in, 21 flawed system oh 17-18 see also International Monetary Fund; World Bank global financial system, see global reserve system global greenback system, 260-68, 335n, 336n administration oh 266 allocation policy oh 266-68 cycle of crisis broken by, 264-65 functions oh 262-63 stability as increased by, 263-64 globalization, 5-6 backlash against, 23, 269, 288 challenges to, 273-76 corporations at center oh xii-xiv, xv, 188, 197-98 democratization of, 269-92 exploitation of resources and, 149 first modern protest against, 7 hope oh 4 nation-state and, 19-24 political forces and, xiii-xiv, xviii, 4, 269, 291 reform oh 6-7, 13-19 scope oh 4, 56-59 two faces oh 7-13 Globalization and Its Discontents (Stiglitz), ix, x, xii, xiii, 293n Global Leadership Forum, 320n Global Monetary Authority, 335n global reserve system, 245-68, 277, 281 as cause of instability, 254-60 decline in aggregate demand as result oh 250-51, 252-53 diversification of currency in, 254-56, 259 dollar as major currency for, 245, 246, 248-49, 253 downward bias oh 262 347 low interest rate on dollar in, 245, 249-50, 255-56, 261 regional cooperatives and, 260-61 reforms oh 260-68, 286 as self-defeating, 254-55, 263 U.S. as major beneficiary oh 250 see also global greenback system global social contract, 285-87 global warming, 17, 21, 24, 161-86, 280, 284, 285, 288, 310n common tax proposal for, 181-84 as downplayed by GWB, 168 incontrovertible facts about, 166 industrialization and, 171-72, 173 privatization and, 163 and rising sea levels, 164-65, 167 Global Witness, 156 gold, as historical currency, 246 governance, 54-56, 128 see also corporate governance government, 47 balance between market and, xv cartel creation and, 201 development role of East Asian, 29, 30, 31-32, 45-46 downscaling oh 17 educational investment by, 28 environmental protection by, 197 equity promotion by, 27-28 foreign investment managed by, 33 infrastructure and, 27-28, 49 regulation and, 28 unemployment and, 253, 273 Grameen micro-credit bank, 51-52 "Grand Bargain," 77 grants, 14 Great Britain, 40, 42 Egypt occupied by, 214 energy efficiency oh 170 tariffs of, 303n Venezuelan naval expedition oh 213 Great Depression, xvii-xviii, 68, 74, 214, 236, 334n greenhouse gas emissions, 131, 161, 165, 166, 177, 183, 266, 280 from agriculture, 323n-24n deforestation and, 178-80 Rio agreement's curtailing oh 168-69 of U.S., 165, 171-74, 176 see also Kyoto Protocol Green net national product (Green NNP), 154 Green Revolution, 42, 43 348 INDEX Greenspan, Alan, 217 Grossman, Sanford J., 327n gross national happiness (GNH), 45 growth, sustainability of, 26, 36, 45 Guantanamo Bay, 151 guarantee fund, 124 Guatemala, 78 Gulf Stream, 166-67 Guyana, 307n, 331n Haile Selassie, 229 Haiti, 31, 307n Halonen, Tarja Kaarina, 8 Hardin, Garrett, 322n Harvard University, 242 Hastert, J. Dennis, 309n Hayes, Robin, 309n Hazelwood, Joseph, 193 health, health care, xvii, 10, 14, 31, 37, 41, 44, 49, 105, 150, 246, 266, 320n epidemics and, 180 global greenback system and, 267 as growing concern of development, 46 spending by developing countries on, 118 using education to promote, 50 see also AIDS health-care benefits, 192 Helms-Burton Act (1996), 289 herbicides, 86 Hewlett, William, 111 highly indebted poor countries (HIPC), 226-27 Hoffman-LaRoche, 328n-29n Home Depot, 157 Honduras, 331n Honeywell, 201 Hong Kong, 80 House of Representatives, U.S., 273, 309n Human Genome Project (HGP), 113 Human Genome Sciences (HGS), 113-14 human rights, 6 Hussein, Saddam, 136, 229, 231 Hydro, 328n hyperinflation, in Eastern Europe, 37 imports: of oil and gas, 289, 290 restrictions on, 33, 35 unemployment and, 253 import surges, 90-91 incentives, xviii, 189 intellectual property and, 122, 173 and partnership structure, 194 social costs and, 190 income, income inequality, xiv, xvi, 4, 8, 25, 31, 35-36, 40, 44, 270-72 India, xi, xviii, 3, 17, 23, 53, 68, 74, 126-27, 139, 193, 299n, 304n, 324n, 337n development success of, 42-44, 56 dumping charge against China brought by, 93 economic inequality in, 26, 44 economic rise of, 271 entertainment industry in, 129 free trade for, 6 Kyoto Protocol and, 169 literacy rate in, 25 median income in, 25 population of, 26 short-term capital restrictions in, 34 tech sector in, 42, 43, 57 unskilled labor in, 271, 272 Indian Institute of Science, 42 Indonesia, 31, 34, 54, 134, 146, 264 debt of, 231 deforestation and logging in, 157, 180 economic crisis in, 226, 243 poverty in, 297n reserves held by, 247-48 industrial countries: bankruptcy laws in, 239 and challenges of globalization, 273-76 crime and corruption in, 55, 56, 200 environment of developing countries and, 285-86 garment factories in, 304n global financial reform and, 286 globalization vilified in, 269 greenhouse gas emissions of, 175 Kyoto protocol and, 169-70, 175, 181, 183 legal aid for developing countries from, 128, 205-6 loans from, 237 materialism of, 188 upskilling of labor forces of, 275 Uruguay Round unfair to, 275 Industrial Revolution, 23, 46, 337n industrial subsidies, 84 inequality, xv, xvi-xvii, 8, 36-37, 46, 49, 137, 238 see also income, income inequality infant economy argument, 70 inflation, 235, 237, 279-80, 288 INDEX informed citizenry, economic decision making and, xiii, xviii, 28 Infosys Technologies, 25, 307n infrastructure, 20, 39, 40, 43, 62, 6970, 150 governments role in, 27-28, 49 as key to economic development, 26, 27, 32 Initiative for Policy Dialogue, 151-52 innovation, 285 as inhibited by patents, 110, 113-14 as reduced by monopolies, 109, 202 social justice achieved through, 118 as spurred by prices, 105 innovation fund, 124 Insider; The (film), 187 instability: countered by global greenback system, 263-64 evolution of, 256-60 of exchange rate, 247, 255, 261 of financial markets, ix, xi global reserves as cause of, 254-60 trade liberalization and, 69 insurance, insurance markets, 88 intellectual property, 77, 78, 97, 103-32, 280, 285, 311n balancing innovation with, 106 biodiversity and, 127 corporate interests and, 131 designing balanced projections for, 112-16 development-oriented regime for, 118 and incentives, 122, 173 of Microsoft, 202 monopolies created by, 107 property rights vs., 107, 108 protection of, 51, 72 research and, 111 standards for, 119, 128 strengths and limits of, 107-12 in trade agreements, 116-17 U.S. push for, 96 WTO requirements for, 305n see also Trade-Related Aspects of Intellectual Property Rights (TRIPS) InterAmerican Development Bank, 307n interdependence, as globalization tool, 266 interest rates, 70, 218-19, 220, 221, 222, 235, 236, 246, 247, 257, 288 as cost of reserve, 249-50 on loans, 241, 248-50, 265 unemployment and, 253 349 Intergovernmental Panel on Climate Change (IPCC), 168 International AIDS Vaccine Initiative, 336n International Conference on Financing for Development, 14 International Convention for Regulation of Whaling (1946), 168 International Cotton Advisory Committee (ICAC), 306n International Credit Court, 230 International Labour Organization, 8, 117 International Monetary Fund (IMF), ix, xii, 12-13, 16-17, 21, 28, 34, 36, 54, 154-55, 209, 225, 226, 277, 279-80, 320n, 331n, 334n, 335n, 338n Argentina and, 211, 221, 222-24, 241, 242 Asian Monetary Fund discouraged by, 260 attempt to discredit Stiglitz by, 293n bailouts by, 217 bankruptcy and, 287 BIS vs., 237 capital market liberalization and, 16, 38, 39 changes in voting structure at, 281-82 conditions on aid from, 15, 57, 146-47 creation of, 74 debt negotiation and, 215 debt relief by, 15, 239-40 democracy undermined by, 56 democratic deficit in, 18, 276 East Asian crisis exacerbated by, ix, 31, 34-35, 231, 248, 261 establishment of, 236 failed recommendations from, 31, 38-39, 40, 146-47 improved accountability for, 283-84 Indonesia and, 243 Iraq and, 234 loans to developing countries from, 41, 212, 226 Nigeria and, 234-35 overlending and, 220 policy flaws and failures of, xii, xiii, 255, 266 power plants and, 218 privatization advised by, 142-43, 234 Russian economic failures accelerated by, ix-x, 234, 242-43 SDRs and, 261-62 trade deficits as focus of stabilization policies of, 264 350 INDEX International Trade Commission, U.S., 308n International Trade Organization (ITO), 74-75 Internet, 20, 43, 84 "invisible hand," xiv Iraq, 135, 136, 229, 231, 234, 238 Iraq War, xviii, 5, 22, 172, 286, 291 see also war on terrorism Ireland, 170 irrigation, 85 Italy, 213, 224, 295n Ivory Coast, 41 Jamaica, 12, 84, 307n Japan, 33, 71, 77, 85, 261, 264, 270, 295n, 328n Asian Monetary Fund proposed by, 260 bribery in, 139 Chinese pollution in, 164 energy efficiency of, 170 greenhouse gases of, 169, 172 Kyoto Protocol and, 169, 173, 177, 180, 185 in Paris Club, 234 reserves held by, 247-48, 254-56, 258 tariffs of, 303n wage disparity in, 46 Jefferson, Thomas, 108, 314n Jones Act (1920), 88-89, 307n Jubilee 2000, 226-27 Justice Department, U.S., 201, 313n Kaletra, 121 Kantor, Mickey, 131, 318n Karnataka, India, 25 Katrina, Hurricane, 172, 307n Kazakhstan, 40, 133, 134, 139 Kennedy Round, 305n Kenya, 40, 41 Keynes, John Maynard, xvii-xviii, 68, 235, 239, 260, 261 Khodorkovsky, Mikhail, 144 Klein, Joel, 313n knowledge, 285, 302n patents as impediment to distribution of, 110 as public good, 107-8, 123, 174, 315n, 317n see also economies of information; traditional knowledge knowledge gap, 29, 51, 57, 118, 188, 272 Kyoto Protocol, 169-74, 180-81, 310n, 315n deforestation and, 179-80 developing countries and, 169-70, 173, 175-76 and emissions targets for developing countries, 174-76 trade agreements and, 315n trade sanctions and, 177-78, 182 2012 revised version of, 180 U.S. rejection of, 171-74, 176, 180, 184 labor, 79 flow of, 78, 88-90 free trade and, 66-67 middleaged, 67-68 unskilled, 8890, 271, 272 labor standards agreement, 117 Lagos, 134 Lagos, Richard, 320n Lamy, Pascal, 80 Lancet, 316n land grants, 20 Latin America, xi, 11, 24, 35-36, 89, 134 bail-outs in, 217 bilateral trade agreements in, 97 debt forgiveness in, 240 development failures in, 44, 47 government interventionist policies of 35 growth of development in, 30, 36-37, 238 import restrictions in, 35 inflation in, 36 leftist governments in, 36-37 money flow to U.S. from, 221 NAFTA and, 285 per capita income of, 35-36 policy reform in, 296n poverty rate vs.


pages: 159 words: 45,073

GDP: A Brief but Affectionate History by Diane Coyle

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Asian financial crisis, Berlin Wall, big-box store, Bretton Woods, BRICs, clean water, computer age, conceptual framework, crowdsourcing, Diane Coyle, double entry bookkeeping, en.wikipedia.org, endogenous growth, Erik Brynjolfsson, Fall of the Berlin Wall, falling living standards, financial intermediation, global supply chain, happiness index / gross national happiness, income inequality, income per capita, informal economy, John von Neumann, Kevin Kelly, Long Term Capital Management, mutually assured destruction, Nathan Meyer Rothschild: antibiotics, new economy, Occupy movement, purchasing power parity, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, Silicon Valley, Simon Kuznets, The Wealth of Nations by Adam Smith, Thorstein Veblen, University of East Anglia, working-age population

Another policy recommendation has had more traction: that instead of measuring GDP we should be measuring happiness. In the United Kingdom there is even a Campaign for Happiness. The government leapt on its bandwagon, ordering the Office for National Statistics to start a survey to measure happiness levels around the country.31 Grotesquely, there are cheerleaders for the king of Bhutan because of his claim that he seeks to increase gross national happiness, when Bhutan is one of the poorest and one of the more authoritarian countries in the world. The fashion for measuring happiness is based on two approaches to the evidence. One kind is the approach using top-down aggregate economic data that Richard Easterlin used in his original paper. Other studies look at the statistical links between the level of happiness people report in surveys and their personal circumstances: are they married?


pages: 219 words: 63,495

50 Future Ideas You Really Need to Know by Richard Watson

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

23andMe, 3D printing, access to a mobile phone, Albert Einstein, artificial general intelligence, augmented reality, autonomous vehicles, BRICs, Buckminster Fuller, call centre, clean water, cloud computing, collaborative consumption, computer age, computer vision, crowdsourcing, dark matter, dematerialisation, digital Maoism, digital map, Elon Musk, energy security, failed state, future of work, Geoffrey West, Santa Fe Institute, germ theory of disease, happiness index / gross national happiness, hive mind, hydrogen economy, Internet of things, Jaron Lanier, life extension, Mark Shuttleworth, Marshall McLuhan, megacity, natural language processing, Network effects, new economy, oil shale / tar sands, pattern recognition, peak oil, personalized medicine, phenotype, precision agriculture, profit maximization, RAND corporation, Ray Kurzweil, RFID, Richard Florida, Search for Extraterrestrial Intelligence, self-driving car, semantic web, Skype, smart cities, smart meter, smart transportation, statistical model, stem cell, Stephen Hawking, Steve Jobs, Steven Pinker, Stewart Brand, strong AI, Stuxnet, supervolcano, telepresence, The Wisdom of Crowds, Thomas Malthus, Turing test, urban decay, Vernor Vinge, Watson beat the top human players on Jeopardy!, web application, women in the workforce, working-age population, young professional

Add to this a shared vision of where we’re all heading, and one by-product of our restless quest might eventually be happiness. 2032 Happiness League Table 1 Denmark 2 Finland 3 Norway 4 Sweden 5 Netherlands 6 = Costa Rica 6 = New Zealand 8 = Canada 8 = South Sudan 8 = Australia 8 = Switzerland 12 = Panama 12 = Brazil 14 = United States 14 = South Belgium 16 Scottish Republic 17 New England 18 = Mexico 18 = Unified Korea 20 Republic of Western Australia 21 Venezuela 22 Unified Ireland 23 = Puerto Rico 23 = Iceland 25 Welsh Republic 26 Moon Base Alpha Source: Hallup World Poll 2032 the condensed idea Measuring what really matters timeline 1972 Term “Gross National Happiness” coined by the King of Bhutan 2004 Downshifting movement gains momentum 2010 Self-storage industry worth more than Hollywood 2012 The cloud facilitates a move away from physical ownership 2013 Rising demand for psychological and therapeutic services 2023 Government attempts to measure individual happiness on an annual basis 2039 Happiness industry bigger than self-storage industry and Hollywood combined 2050 Study says search for happiness is making most people miserable 31 Human beings version 2.0 “Steve Austin.


pages: 166 words: 49,639

Start It Up: Why Running Your Own Business Is Easier Than You Think by Luke Johnson

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Albert Einstein, barriers to entry, Bernie Madoff, collapse of Lehman Brothers, corporate governance, corporate social responsibility, creative destruction, credit crunch, Grace Hopper, happiness index / gross national happiness, high net worth, James Dyson, Jarndyce and Jarndyce, Jarndyce and Jarndyce, mass immigration, mittelstand, Network effects, North Sea oil, Northern Rock, patent troll, Plutocrats, plutocrats, Ponzi scheme, profit motive, Ralph Waldo Emerson, Silicon Valley, software patent, stealth mode startup, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, traveling salesman, tulip mania, Vilfredo Pareto, wealth creators

Stress and risk: the secrets of happiness I once participated in a debate entitled ‘The good society: virtues for a post-recession world’. A couple of my fellow panellists emphasized the importance of promoting happiness rather than material wealth as a true measure of human progress. They believe that advances in gross domestic product are an inferior way to achieve greater well-being, and that a concept such as ‘gross national happiness’ might be a better tool. As I listened to their definitions of happiness, I realized that not many coincided with my view of what made entrepreneurs tick. There is no stereotypical entrepreneurial personality, but one can identify characteristics that most entrepreneurs share. At heart they are highly competitive. They do not seek security as their main goal – rather, they actively seek risk, and enjoy overcoming stressful challenges.


Coming Apart: The State of White America, 1960-2010 by Charles Murray

affirmative action, assortative mating, blue-collar work, Community Supported Agriculture, corporate governance, David Brooks, en.wikipedia.org, feminist movement, George Gilder, Haight Ashbury, happiness index / gross national happiness, helicopter parent, illegal immigration, income inequality, job satisfaction, labor-force participation, low skilled workers, Menlo Park, new economy, Ralph Nader, Richard Florida, Silicon Valley, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, Unsafe at Any Speed, War on Poverty, working-age population, young professional

Washington, DC: AEI Press. Bronson, Po, and Ashley Merryman. 2009. Nurture Shock: New Thinking About Children. New York: Hachette Book Group. Bronte-Tinkew, Jacinta, Kristin A. Moore, and Jennifer Carrano. 2006. The influence of father involvement on youth risk behaviors among adolescents: A comparison of native-born and immigrant families. Social Science Research 35:181–209. Brooks, Arthur C. 2008. Gross National Happiness. New York: Basic Books. Brooks, David. 2000. Bobos in Paradise: The New Upper Class and How They Got There. New York: Simon & Schuster. Brown, Susan L. 2004. Family structure and child well-being: The significance of parental cohabitation. Journal of Marriage and the Family 66 (May): 351–67. ———. 2006. Family structure transitions and adolescent well-being. Demography 43:447–61. Brown, Susan L., and Wendy D.

The electoral politics index combines indicators of voting, voter registration, interest in politics and national affairs, political knowledge, and frequency of newspaper reading. In table 15.1, I grouped these indexes into five categories running from “very low” to “very high.” For indexes with many values, the cutoff points for the categories were the 10th, 33rd, 67th, and 90th centiles of the distribution. For indexes with fewer values, I followed those guidelines as closely as possible.6 TABLE 15.1. PERCENTAGE OF WHITES AGES 30-49 WHO REPORT THAT THEY ARE VERY HAPPY Index category Social capital index Very low Very high Group involvement 32% 47% Organized group interactions 29% 49% Giving and volunteering 32% 57% informal social interactions 29% 48% Electoral politics 29% 48% Source: Social Capital Benchmark Survey. Sample limited to whites ages 30-49. High levels of community involvement were consistently associated with much higher levels of “very happy” people than low levels of community involvement.


pages: 258 words: 77,601

Everything Under the Sun: Toward a Brighter Future on a Small Blue Planet by Ian Hanington

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

agricultural Revolution, Albert Einstein, Bretton Woods, carbon footprint, clean water, Climategate, Climatic Research Unit, energy security, Enrique Peñalosa, Exxon Valdez, Google Earth, happiness index / gross national happiness, Hedy Lamarr / George Antheil, hydraulic fracturing, Intergovernmental Panel on Climate Change (IPCC), oil shale / tar sands, stem cell, sustainable-tourism, the scientific method, University of East Anglia, urban planning, urban sprawl

Although, those who worry about the safety of cycling might be interested in a British Medical Association study that found the health risks of inactivity are twenty times greater than the risks from cycling. The money that could be saved nationally on things like health care—not to mention the infrastructure required to keep so many cars on the road—reaches into the billions, but the money an individual can save on fuel, insurance, and maintenance costs alone is also substantial. And because biking is a lot of fun, it will probably increase what the people of Bhutan call “gross national happiness”! But we still have a ways to go. Canadians and Americans use bikes for fewer than one in a hundred trips—though in Vancouver it’s a bit higher, at about 4 per cent. Compare that with the 20 to 35 per cent of trips taken by bike in the European Union and 50 per cent in China. (Unfortunately, the trend is reversing in China as the country embraces car culture.) Shifting from car dependence will take action at the individual level, with more people simply deciding to get on their bikes, but governments must also do more to make it easier for people to ride bikes.


pages: 898 words: 266,274

The Irrational Bundle by Dan Ariely

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

accounting loophole / creative accounting, air freight, Albert Einstein, Alvin Roth, assortative mating, banking crisis, Bernie Madoff, Black Swan, Broken windows theory, Burning Man, business process, cashless society, Cass Sunstein, clean water, cognitive dissonance, computer vision, corporate governance, credit crunch, Credit Default Swap, Daniel Kahneman / Amos Tversky, delayed gratification, Donald Trump, end world poverty, endowment effect, Exxon Valdez, first-price auction, Frederick Winslow Taylor, fudge factor, George Akerlof, Gordon Gekko, greed is good, happiness index / gross national happiness, Jean Tirole, job satisfaction, Kenneth Arrow, knowledge economy, knowledge worker, lake wobegon effect, late fees, loss aversion, Murray Gell-Mann, new economy, Peter Singer: altruism, placebo effect, price anchoring, Richard Feynman, Richard Feynman, Richard Thaler, Saturday Night Live, Schrödinger's Cat, second-price auction, shareholder value, Silicon Valley, Skype, software as a service, Steve Jobs, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, ultimatum game, Upton Sinclair, Walter Mischel, young professional

Some respondents proposed their own answers to these problems and then evaluated them, while others sized up solutions that Stephen, Racheli, and I came up with. In our first experiment, we asked some participants to look at a list of three problems one at a time and generate their own proposed solution for each. (We called this the creation condition.) The problems were: Question 1: How can communities reduce the amount of water they use without imposing tough restrictions? Question 2: How can individuals help to promote our “gross national happiness”? Question 3: What innovative change could be made to an alarm clock to make it more effective? Once the participants finished generating their three solutions, we asked them to go back and rate each one on practicality and probability of success. We also asked them to tell us how much of their own time and money they would donate to promote their proposed solutions. For the noncreation condition, we asked another group of participants to look at the same set of problems, but they didn’t get to suggest any solutions.

For one thing, it was quite possible that their ideas really were better, objectively speaking, than the ones we came up with. But even if their ideas weren’t superior to ours overall, it could have been that our participants’ notions fit better with their own unique perspectives of the world. This principle is called an idiosyncratic fit. As an extreme example of this, imagine that a devoutly religious individual answered the question “How can individuals help to promote our ‘gross national happiness’?” by suggesting that everyone attend religious services daily. A steadfast atheist might respond to the same question by suggesting that everyone give up religion and focus instead on following the right kind of diet and exercise program. Each person may prefer his or her idea to ours—not because he or she came up with it but because it idiosyncratically fits with his or her underlying beliefs and preferences.

Remember that each participant saw only three of these problems with our proposed solutions and came up with solutions for the remaining three. Problem 1: How can communities reduce the amount of water they use without imposing tough restrictions? Proposed solution: Water lawns using recycled gray water recovered from household drains. Problem 2: How can individuals help to promote our “gross national happiness”? Proposed solution: Perform random acts of kindness on a regular basis. Problem 3: What innovative change could be made to an alarm clock to make it more effective? Proposed solution: If you hit snooze, your coworkers are notified via e-mail that you overslept. Problem 4: How can social networking sites protect user privacy without restricting the flow of information? Proposed solution: Use stringent default privacy settings, but allow users to relax them as necessary.


pages: 741 words: 179,454

Extreme Money: Masters of the Universe and the Cult of Risk by Satyajit Das

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, Albert Einstein, algorithmic trading, Andy Kessler, Asian financial crisis, asset allocation, asset-backed security, bank run, banking crisis, banks create money, Basel III, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, bonus culture, Bretton Woods, BRICs, British Empire, capital asset pricing model, Carmen Reinhart, carried interest, Celtic Tiger, clean water, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Edward Thorp, Emanuel Derman, en.wikipedia.org, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, financial independence, financial innovation, financial thriller, fixed income, full employment, global reserve currency, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, happiness index / gross national happiness, haute cuisine, high net worth, Hyman Minsky, index fund, information asymmetry, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, job automation, Johann Wolfgang von Goethe, John Meriwether, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, labour market flexibility, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, margin call, market bubble, market fundamentalism, Marshall McLuhan, Martin Wolf, mega-rich, merger arbitrage, Mikhail Gorbachev, Milgram experiment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, Naomi Klein, negative equity, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, Paul Samuelson, pets.com, Philip Mirowski, Plutocrats, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, quantitative easing, quantitative trading / quantitative finance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Feynman, Richard Thaler, Right to Buy, risk-adjusted returns, risk/return, road to serfdom, Robert Shiller, Robert Shiller, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Ronald Reagan: Tear down this wall, Satyajit Das, savings glut, shareholder value, Sharpe ratio, short selling, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, survivorship bias, The Chicago School, The Great Moderation, the market place, the medium is the message, The Myth of the Rational Market, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond, zero-sum game

[If governments did not take action] we must expect the progressive breakdown of the existing structure of contract and instruments of indebtedness, accompanied by the utter discredit of orthodox leadership in finance and government, with what ultimate outcome we cannot predict.48 Zen Finance Prospects of a less wealthy world with lower growth prompted erudite papers, books, and seminars, including The Future of Capitalism and The Economics of Happiness. There were downshifting and slowness movements, advocating a higher quality of life, and more leisure rather than material wealth. French President Nicolas Sarkozy commissioned a report by two Nobel prize-winning economists to develop a new measure—GNH or gross national happiness. One commentator termed it “gross domestic fudging if feminine attractiveness, length of vacations, and quantity of garlic in the food can be included, France will rank much higher than in more old-fashioned measures.”49 An economic system built on a Zen Buddhist renunciation of wealth and materialism is unlikely. In 1979, U.S. President Jimmy Carter argued that consumption did not provide humans with meaning.

See also John Maynard Keynes genocide, 38 George, Lloyd, 48, 340 Gere, Richard, 326 Germany, 312 gold, 359 inflation in, 22 get-rich investment and trading-secrets books, 98 Gherkin, 79 Gibson Greetings, 135 Gipp, George, 97 Girl with the Dragon Tattoo, The, 360 Girls Gone Wild, 344 Gladwell, Malcolm, 329 Glass, Carter, 66 Glass-Steagall Act of 1933, 66, 201 Glassman, James, 97, 99 Gleacher, Eric, 148 Glengarry Glen Ross, 185 global credit process, 88 Global Crossing, 154 global financial crisis, 310, 346-347 aftermath, 361-366 European debt crisis, 357-359 Greece, 354-356 solutions, 352-354 global saving glut thesis, 303 globalization, 38, 41 GNH (gross national happiness), 364 Go-Between, The, 185 Godfather, The, 147 gold, 21, 25-27, 58 China’s investment in, 87 circulation of, 32 effect of speculators on price, 28 Germany, 359 reserves, 30 Sons of Gwalia (SoG), 216 standard, 29-31 golden ring, 314 golden years, 46. See also retirement Goldfinger, 26 Goldilocks Economy, 296, 348 Goldman Sachs, 76, 81, 122, 191, 195, 289 David Viniar, 126 indictment of, 325 Jim O’Neill, 90 Milken’s mobsters, 146 Ron Beller, 321 SEC suit against, 196 Trading Corporation, 198, 338 Goldman, David, 287 Goldsmith, Sir James, 137 Gono, Gideon, 22, 345 Goodspeed, Bennett W., 96 Gorbachev, Mikhail, 101 Gorton, Gary, 232 governance, 290 Government Accountability Office (GAO), 353 government-sponsored entities (GSEs), 180 Göttingen (Germany), 101 Graduate Business School (GBS), 116 Graduate, The, 262, 308 Grais, David, 284 Gramm, Phil, 67 Grand Central Station (New York), 80 Grant’s Interest Rate Observer, 71 Grant, Duncan, 25 Grant, Emily, 71 Grant, James, 71, 178 Grantham, Jeremy, 265 Grapes of Wrath, The, 360, 365 Gravity; Our Enemy Number One, 347 gravity, financial, 347 Great Crash (1929), 332 Great Crash, The, 157 Great Depression, 29, 42, 102-103, 307 mortgage defaults, 179 great expectation machine, 54 Great Gatsby, The, 343 Great Moderation, 296 Great Moderation, 267, 277, 348 Great Slump of 1930, The, 306 Great Society, 30 Great Wave of Kanagawa, The, 324 Greece, 223, 225 global financial crisis, 354-356 greenbacks, 21, 28 Greenberg, Hank, 170 Greenberg, Maurice R., 230 Greenberger, Michael, 300 Greenburg, Ace, 326 greenmail, 137 Greenspan put, 280 Greenspan, Alan, 32, 44, 57, 129, 180, 215, 296 2002 interest rate cut, 154 adjusted rate mortgages (ARMs), 183 advocacy of derivatives, 213 Asian crisis, 280 as a celebrity central banker, 297 defense of record, 303-304 derivatives, 235, 238 dissenters, 300-302 FCIC testimony, 304-305 Great Moderation, 277 regulation, 279 U.S.


pages: 262 words: 83,548

The End of Growth by Jeff Rubin

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Ayatollah Khomeini, Bakken shale, banking crisis, Berlin Wall, British Empire, call centre, carbon footprint, collateralized debt obligation, collective bargaining, Credit Default Swap, credit default swaps / collateralized debt obligations, decarbonisation, deglobalization, energy security, eurozone crisis, Exxon Valdez, Fall of the Berlin Wall, fiat currency, flex fuel, full employment, ghettoisation, global supply chain, Hans Island, happiness index / gross national happiness, housing crisis, hydraulic fracturing, illegal immigration, income per capita, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, labour mobility, McMansion, Monroe Doctrine, moral hazard, new economy, Occupy movement, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, quantitative easing, race to the bottom, reserve currency, Ronald Reagan, South China Sea, sovereign wealth fund, The Chicago School, The Death and Life of Great American Cities, Thomas Malthus, Thorstein Veblen, too big to fail, uranium enrichment, urban planning, urban sprawl, women in the workforce, working poor, Yom Kippur War, zero-sum game

At a few stops on the Eco Tour, Suzuki told a story about Bhutan. Sheltered in the Himalayas for centuries, when Bhutan decided to find out what lay beyond its borders, it sent young people to schools around the world. They returned and told the king what they had learned. To Bhutan, a standard such as GDP seemed illogical. Instead, the country chose to measure itself by a different yardstick: Gross National Happiness. Juxtaposed against growth-chasing economies and rising global temperatures, it’s a comforting story. Not everyone, it’s worth remembering, sees the world the same way we do. Economic growth is only one measure of well-being. And since it often comes at the cost of endangering our own survival, there are other standards we should take into account. The surprising thing is that if we look at it through a different lens, the end of growth will leave us all richer than we ever may have thought


pages: 339 words: 88,732

The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies by Erik Brynjolfsson, Andrew McAfee

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, access to a mobile phone, additive manufacturing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Amazon Web Services, American Society of Civil Engineers: Report Card, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, barriers to entry, basic income, Baxter: Rethink Robotics, British Empire, business intelligence, business process, call centre, Chuck Templeton: OpenTable, clean water, combinatorial explosion, computer age, computer vision, congestion charging, corporate governance, creative destruction, crowdsourcing, David Ricardo: comparative advantage, digital map, employer provided health coverage, en.wikipedia.org, Erik Brynjolfsson, factory automation, falling living standards, Filter Bubble, first square of the chessboard / second half of the chessboard, Frank Levy and Richard Murnane: The New Division of Labor, Freestyle chess, full employment, game design, global village, happiness index / gross national happiness, illegal immigration, immigration reform, income inequality, income per capita, indoor plumbing, industrial robot, informal economy, intangible asset, inventory management, James Watt: steam engine, Jeff Bezos, jimmy wales, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Khan Academy, knowledge worker, Kodak vs Instagram, law of one price, low skilled workers, Lyft, Mahatma Gandhi, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Mars Rover, mass immigration, means of production, Narrative Science, Nate Silver, natural language processing, Network effects, new economy, New Urbanism, Nicholas Carr, Occupy movement, oil shale / tar sands, oil shock, pattern recognition, Paul Samuelson, payday loans, price stability, Productivity paradox, profit maximization, Ralph Nader, Ray Kurzweil, recommendation engine, Report Card for America’s Infrastructure, Robert Gordon, Rodney Brooks, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Simon Kuznets, six sigma, Skype, software patent, sovereign wealth fund, speech recognition, statistical model, Steve Jobs, Steven Pinker, Stuxnet, supply-chain management, TaskRabbit, technological singularity, telepresence, The Bell Curve by Richard Herrnstein and Charles Murray, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, total factor productivity, transaction costs, Tyler Cowen: Great Stagnation, Vernor Vinge, Watson beat the top human players on Jeopardy!, winner-take-all economy, Y2K

For instance, the human development index uses health and education statistics to fill in some of the gaps in official GDP statistics29; the multidimensional poverty index uses ten different indicators—such as nutrition, sanitation, and access to water—to assess well-being in developing countries.30 Childhood death rates and other health indicators are recorded in periodic household surveys like the Demographic and Health Surveys.31 There are several promising projects in this area. Joe Stiglitz, Amartya Sen, and Jean-Paul Fitoussi have created a detailed guide for how we can do a comprehensive overhaul of our economic statistics.32 Another promising project is the Social Progress Index that Michael Porter, Scott Stern, Roberto Loria, and their colleagues are developing.33 In Bhutan, they’ve begun measuring “Gross National Happiness.” There is also a long-running poll behind the Gallup-Healthways Well-Being Index.34 These are all important improvements, and we heartily support them. But the biggest opportunity is in using the tools of the second machine age itself: the extraordinary volume, variety, and timeliness of data available digitally. The Internet, mobile phones, embedded sensors in equipment, and a plethora of other sources are delivering data continuously.


pages: 305 words: 89,103

Scarcity: The True Cost of Not Having Enough by Sendhil Mullainathan

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

American Society of Civil Engineers: Report Card, Andrei Shleifer, Cass Sunstein, clean water, computer vision, delayed gratification, double entry bookkeeping, Exxon Valdez, fault tolerance, happiness index / gross national happiness, impulse control, indoor plumbing, inventory management, knowledge worker, late fees, linear programming, mental accounting, microcredit, p-value, payday loans, purchasing power parity, randomized controlled trial, Report Card for America’s Infrastructure, Richard Thaler, Saturday Night Live, Walter Mischel, Yogi Berra

Perhaps bandwidth dropped significantly. What if while unemployment was climbing, the quality of decisions was dropping? We do not have the data to answer these questions. And while it is too late to gauge this for 2008, it is not too late to collect these data for future booms and recessions. There has been an effort in recent years to measure societal well-being, to create a measure of Gross National Happiness to go along with Gross National Product. Why not also measure Gross National Bandwidth? From this, we might learn not just about our country as a whole but also about how different subgroups in our country are doing. When the unemployment rate jumps from 5 percent to 10 percent, that means an additional one in twenty working-age people are now struggling financially. A look at bandwidth might suggest that the effects of this increase are more widely felt.


pages: 462 words: 150,129

The Rational Optimist: How Prosperity Evolves by Matt Ridley

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

23andMe, agricultural Revolution, air freight, back-to-the-land, banking crisis, barriers to entry, Bernie Madoff, British Empire, call centre, carbon footprint, Cesare Marchetti: Marchetti’s constant, charter city, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, colonial exploitation, colonial rule, Corn Laws, creative destruction, credit crunch, David Ricardo: comparative advantage, decarbonisation, dematerialisation, demographic dividend, demographic transition, double entry bookkeeping, Edward Glaeser, en.wikipedia.org, everywhere but in the productivity statistics, falling living standards, feminist movement, financial innovation, Flynn Effect, food miles, Gordon Gekko, greed is good, Hans Rosling, happiness index / gross national happiness, haute cuisine, Hernando de Soto, income inequality, income per capita, Indoor air pollution, informal economy, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, invisible hand, James Hargreaves, James Watt: steam engine, Jane Jacobs, John Nash: game theory, joint-stock limited liability company, Joseph Schumpeter, Kevin Kelly, knowledge worker, Kula ring, Mark Zuckerberg, meta analysis, meta-analysis, mutually assured destruction, Naomi Klein, Northern Rock, nuclear winter, oil shale / tar sands, out of africa, packet switching, patent troll, Pax Mongolica, Peter Thiel, phenotype, Plutocrats, plutocrats, Ponzi scheme, Productivity paradox, profit motive, purchasing power parity, race to the bottom, Ray Kurzweil, rent-seeking, rising living standards, Silicon Valley, spice trade, spinning jenny, stem cell, Steve Jobs, Steven Pinker, Stewart Brand, supervolcano, technological singularity, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, ultimatum game, upwardly mobile, urban sprawl, Vernor Vinge, Vilfredo Pareto, wage slave, working poor, working-age population, Y2K, Yogi Berra, zero-sum game

Beyond a certain level of per capita income ($15,000 a year, according to Richard Layard), money did not seem to buy subjective well-being. As books and papers cascaded out of the academy, Schadenfreude set in on a grand scale among commentators happy to see the unhappiness of the rich confirmed. Politicians latched on and governments from Thailand to Britain began to think about how to maximise gross national happiness instead of gross national product. British government departments now have ‘well-being divisions’ as a result. King Jigme Singye Wangchuck of Bhutan is credited with having been the first to get there in 1972 when he declared economic growth a secondary goal to national well-being. If economic growth does not produce happiness, said the new wisdom, then there was no point in striving for prosperity and the world economy should be brought to a soft landing at a reasonable level of income.


pages: 432 words: 124,635

Happy City: Transforming Our Lives Through Urban Design by Charles Montgomery

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, agricultural Revolution, American Society of Civil Engineers: Report Card, Bernie Madoff, British Empire, Buckminster Fuller, car-free, carbon footprint, centre right, City Beautiful movement, clean water, congestion charging, correlation does not imply causation, East Village, edge city, energy security, Enrique Peñalosa, experimental subject, Frank Gehry, Google Earth, happiness index / gross national happiness, Home mortgage interest deduction, housing crisis, income inequality, income per capita, Induced demand, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jane Jacobs, license plate recognition, McMansion, means of production, megacity, Menlo Park, meta analysis, meta-analysis, mortgage tax deduction, New Urbanism, peak oil, Ponzi scheme, rent control, ride hailing / ride sharing, risk tolerance, science of happiness, Seaside, Florida, Silicon Valley, the built environment, The Death and Life of Great American Cities, the High Line, The Spirit Level, The Wealth of Nations by Adam Smith, trade route, transit-oriented development, upwardly mobile, urban planning, urban sprawl, wage slave, white flight, World Values Survey, zero-sum game, Zipcar

But the firing synapses of our brains, the chemistry of our blood, and the statistical heft of our collected choices and opinions do offer a map that approximates the wisdom of philosophers. These things confirm that most people, in most places, have the same basic needs and most of the same desires. They tell us truths we already know in our gut, but which we have too rarely acknowledged. They suggest that there is wisdom in the mountain kingdom of Bhutan’s adoption of gross national happiness as a measure of progress rather than gross national product, and in the decision by policy makers around the world, including the governments of Great Britain, France, and Thailand and cities such as Seattle, to pay attention to new measures of well-being that include not just how much citizens earn, but how we feel. The truths of happiness science should also lead us to accept that Enrique Peñalosa and his fellow travelers are right: cities must be regarded as more than engines of wealth; they must be viewed as systems that should be shaped to improve human well-being.


pages: 387 words: 120,155

Inside the Nudge Unit: How Small Changes Can Make a Big Difference by David Halpern

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Affordable Care Act / Obamacare, availability heuristic, carbon footprint, Cass Sunstein, centre right, choice architecture, cognitive dissonance, collaborative consumption, correlation does not imply causation, Daniel Kahneman / Amos Tversky, endowment effect, happiness index / gross national happiness, hindsight bias, illegal immigration, job satisfaction, Kickstarter, libertarian paternalism, light touch regulation, market design, meta analysis, meta-analysis, Milgram experiment, nudge unit, peer-to-peer lending, pension reform, presumed consent, QR code, quantitative easing, randomized controlled trial, Richard Feynman, Richard Thaler, Right to Buy, Ronald Reagan, Rory Sutherland, Simon Kuznets, skunkworks, the built environment, theory of mind, traffic fines, World Values Survey

One reason may have been that few were sure of what the policy implications of well-being might be. Another reason was simply the fear of ridicule. It was not until the run-up to the 2010 election that David Cameron, by then the new leader of the Conservative party, began to talk about well-being. It was Cameron, albeit encouraged by Steve Hilton, who raised eyebrows by talking about whether the UK should take a leaf out of Bhutan’s view of the world and consider not just GDP, but Gross National Happiness, too. For some this was just part of Hilton’s rebranding of the Conservative party, but it turned out that Cameron was serious. Well-being goes mainstream On 25 November 2010, the press corps were assembled in the Treasury for a major speech and announcement by the Prime Minister. Several hundred commentators, journalists and experts were in the room, and behind them were several TV crews.


pages: 385 words: 111,807

A Pelican Introduction Economics: A User's Guide by Ha-Joon Chang

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, Berlin Wall, bilateral investment treaty, borderless world, Bretton Woods, British Empire, call centre, capital controls, central bank independence, collateralized debt obligation, colonial rule, Corn Laws, corporate governance, corporate raider, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, discovery of the americas, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Akerlof, Gini coefficient, global value chain, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Gunnar Myrdal, Haber-Bosch Process, happiness index / gross national happiness, high net worth, income inequality, income per capita, information asymmetry, intangible asset, interchangeable parts, interest rate swap, inventory management, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, knowledge economy, laissez-faire capitalism, land reform, liberation theology, manufacturing employment, Mark Zuckerberg, market clearing, market fundamentalism, Martin Wolf, means of production, Mexican peso crisis / tequila crisis, Northern Rock, obamacare, offshore financial centre, oil shock, open borders, Pareto efficiency, Paul Samuelson, post-industrial society, precariat, principal–agent problem, profit maximization, profit motive, purchasing power parity, quantitative easing, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, Scramble for Africa, shareholder value, Silicon Valley, Simon Kuznets, sovereign wealth fund, spinning jenny, structural adjustment programs, The Great Moderation, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Vilfredo Pareto, Washington Consensus, working-age population, World Values Survey

Even while a happiness index that includes more elements is conceptually more defensible, its numerical outcome is more difficult to defend. As we try to incorporate more and more dimensions of our life into the happiness index, we are made to include more and more dimensions that are very difficult, if not impossible, to quantify. Civic engagement and the quality of community life in the OECD index are such examples. Moreover, as the number of elements grow in the index, it becomes more difficult to assign a weight to each element. It is interesting to note that, in open recognition of this difficulty, the OECD Better Life Index website lets you make up your own index by varying the weights between different elements according to your own judgements. REAL-LIFE NUMBERS Happiness index numbers, whether they are completely subjective or combined with more objective indicators, are not really meaningful in themselves.

REAL-LIFE NUMBERS Happiness index numbers, whether they are completely subjective or combined with more objective indicators, are not really meaningful in themselves. You simply cannot compare different types of happiness indexes with each other. The only thing that you can reasonably do with them is track changes in happiness levels for individual countries according to one index or, less reliably, rank countries according to one index. Different happiness indexes include very different elements. As a result, the same country can rank very differently depending on the index. But some countries – the Scandinavian countries (especially Denmark), Australia and Costa Rica – tend to rank highly in more indexes than other countries do. Some countries – such as Mexico and the Philippines – tend to do better in indexes with greater weight given to subjective factors, suggesting higher degrees of ‘false consciousness’ among their people.


pages: 323 words: 92,135

Running Money by Andy Kessler

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Andy Kessler, Apple II, bioinformatics, Bob Noyce, British Empire, business intelligence, buy low sell high, call centre, Corn Laws, Douglas Engelbart, family office, full employment, George Gilder, happiness index / gross national happiness, interest rate swap, invisible hand, James Hargreaves, James Watt: steam engine, joint-stock company, joint-stock limited liability company, knowledge worker, Leonard Kleinrock, Long Term Capital Management, mail merge, Marc Andreessen, margin call, market bubble, Maui Hawaii, Menlo Park, Metcalfe’s law, Network effects, packet switching, pattern recognition, pets.com, railway mania, risk tolerance, Robert Metcalfe, Sand Hill Road, Silicon Valley, South China Sea, spinning jenny, Steve Jobs, Steve Wozniak, Toyota Production System, zero-sum game

> > > Ghana a Goner This virtuous model of the margin surplus creating jobs and a middle class in the developing world at the same time it increases wealth in the U.S. and other intellectual property economies is pretty counterintuitive. But most things that work are counterintuitive, or dare I say, a paradox, at least at first. I wanted to bounce this idea off anyone who would listen to see if there were holes in my logic. It’s hard to stay unemotional. “Yes, but the more successful a country is, the lower their inhabitants score on the Steen-Seligman Happiness Index, so what’s the point?” and so finished the diatribe by a short guy with a funny beard. I had leaned over to my friend who sucked me into this dreadful meeting and asked, “Who is this bozo?” “A Harvard professor,” she answered. “Jeez,” I moaned under my breath. “The what quotient?” I asked the professor. “Stress is a terrible by-product of the Industrial Revolution.” “So is a doubling of life expectancy.”

The professor started getting agitated, rocking back and forth, almost trancelike, as if he was giving a lecture. “But their labor force is their advantage,” I said. “Well, not how you think. We think we have found a way to bypass the industrial step and go directly to an intellectual property economy.” “Really? Is that even possible?” “It turns out that people in Ghana are very musical.” “Like Jamaicans, I suppose.” “Their music is the key to their high scores on the SteenSeligman Happiness Index. It has almost mystical qualities, very soothing to the soul.” This is usually where I tune out, when the yoga talk starts, but I just had to hear his plans. I did order another drink, to improve my own happiness quotient. “And?” “Well, I go to Ghana several times a year, and what I have been recommending to their leaders is that rather than build factories, they work on leveraging their music.”

., 172 Sloan Foundation, 172 smelting, 52–53 Smith, Adam, 54, 279 Smith, Junius, 93–94 Social Security, 261 software, 118, 120, 196–99 company blowups, 177–78 investment factors, 136, 146, 197 payment for, 137 Soho Manufactory, 55 Sony, 44, 206, 251, 253, 277 Soros, George, 10, 14, 117, 163, 164, 166, 168, 169, 261, 276, 295 Soros Management, 112, 113, 293 Southwest, 292 spinning frame, 65, 66, 125 spinning jenny, 64–65 spinning mule, 65, 125, 272 Sprint, 72 Sputnik I, 101 Sri Lanka, 246 Ssangyong, 3–6, 166, 208, 234, 260 Stac, 97 standard of living, 234–35, 246, 256, 279 Stanford Research Institute, 120, 185, 187 Stanford University, 152, 187, 191 steam engine, 64, 78, 91–95, 183 industrial significance of, 55–56, 58–59, 65–67, 68, 123, 125, 190, 271, 272 microprocessor parallel with, 125 Watt designs, 53–55, 57, 89, 91, 95, 125–26, 190 steam locomotive, 92 steamships, 92, 93–95, 183 Steen-Seligman Happiness Index, 280, 282 Steinhardt, Michael, 10 Stephenson, George, 92 stock market, 10, 180, 208, 256–58, 261, 262, 269 art of stock buying and, 181–82 British, 92–93 bubble, 209–16, 223–27 burst of bubble, 227, 234, 248, 290–93 drop in, 166, 168, 169, 224–25 foreign investors in, 29, 275, 276 function of, 89–90 industrial economists and, 237 intellectual property’s profitability and, 269 international economic role of, 279 on-line trading, 84–85 September 11 attacks and, 288 shorting, 171 software blowups, 177 theory of efficient, 176 stock options, 261 Stockton and Darlington Railway, 92 stress, 280, 282, 287 Suez Canal, 94 Sullivan, Scott, 225 Sun Microsystems, 191, 194, 245 Sure Thing, The (film), 218 Index Taiwan, 68, 204, 251, 252, 281 low manufacturing costs, 130–35, 136, 148, 175, 235, 259 offshore subsidiaries and, 251, 252 U.S. debt and, 257 Taiwan Semiconductor Manufacturing Company, 130, 131–35, 148, 252, 259 Take Two Interactive, 176–77 tariffs, 272, 277–78 Tartikoff, Brandon, 196 TASS, 169 taxes, 254, 272, 288 T-bill, 254 technology, 16, 42–43, 73, 168, 290 changes from, 67–68, 79 development factors, 79 human relationship with, 246–47 lowered prices from, 187 textile manufacture, 64–65 top market cap companies, 111 See also intellectual property; specific technologies technology stocks, 11, 109, 223–27, 228–29, 293 telecommunications industry, 61–62 Telecosm conference, 183 telegraph, 187 telephone, 183–84, 185–86 teleputer, 193, 194 Telesave, 72–73 television sets, 127, 158, 277 Teligent, 179 Texas Instruments, 11, 101, 126, 128, 154 textile manufacture, 64–68, 78, 89, 272 311 Thailand, 117, 234, 270 13-D filings, 204 Tiger Management, 11, 112, 113, 117, 276, 292–93, 295 yen and, 162–66, 168, 169 TimeWarner, 194, 223, 229 Titanic (ocean liner), 95 Token Ring, 191 Tolkien, J.


pages: 214 words: 71,585

Selfish, Shallow, and Self-Absorbed: Sixteen Writers on the Decision Not to Have Kids by Meghan Daum

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

delayed gratification, demographic transition, Donald Trump, financial independence, happiness index / gross national happiness, index card, Mason jar, peak oil, Ponzi scheme, risk tolerance, Skype, women in the workforce

In deciding what in times past never used to be a choice, we don’t consider the importance of raising another generation of our own people, however we might choose to define them. The question is whether kids will make us happy. However rewarding at times, raising children can also be hard, trying, and dull, inevitably ensnaring us in those sucker values of self-sacrifice and duty. The odds of children making you happier are surely no better than fifty-fifty. Studies have repeatedly documented that the self-reported “happiness” index is lower among parents than among the childless. Little wonder that so many women like me have taken a hard look at all those diapers, playgroups, and nasty plastic toys and said no, thanks. To illustrate my existential explanation for the knee-high birthrate among women of European extraction like me, let’s look at three other examples, and why they haven’t had children. These are all women (whose names have been changed to protect their privacy) whom I personally admire, whose company I treasure, and whose thinking on this and a range of issues I’ve been able to follow for years, because we all live in London.


pages: 219 words: 65,532

The Numbers Game: The Commonsense Guide to Understanding Numbers in the News, in Politics, and inLife by Michael Blastland; Andrew Dilnot

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Atul Gawande, business climate, correlation does not imply causation, credit crunch, happiness index / gross national happiness, Intergovernmental Panel on Climate Change (IPCC), moral panic, pension reform, pensions crisis, randomized controlled trial, school choice, very high income

It was judged incorrect in temperate countries, correct in very cold countries (where putting in “more windows” was assumed to mean more layers of glazing—triple-glazing is common), and a stupid question in very hot countries (why would you want to stop heat from escaping from a building?). International rankings are proliferating. We can now read how the United States compares with other countries on quality of governance, business climate, health, education, transport, and innovation, to name a few, as well as more frivolous surveys like an international happiness index—”the world grump league,” as one tabloid reported it. “Welcome,” says Christopher Hood from Oxford University, who leads a research project into international comparisons, “to Ranking World.” The number of international governance rankings, he says, has roughly doubled every decade since the 1960s. Of course, you want to know how well the United States scores in these rankings; making such comparisons is irresistible, and even a well-informed skeptic like Christopher Hood enjoys reading them.


pages: 279 words: 87,910

How Much Is Enough?: Money and the Good Life by Robert Skidelsky, Edward Skidelsky

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

banking crisis, basic income, Bertrand Russell: In Praise of Idleness, Bonfire of the Vanities, call centre, creative destruction, David Ricardo: comparative advantage, death of newspapers, financial innovation, Francis Fukuyama: the end of history, full employment, happiness index / gross national happiness, income inequality, income per capita, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, lump of labour, market clearing, market fundamentalism, Paul Samuelson, profit motive, purchasing power parity, Ralph Waldo Emerson, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tobin tax, union organizing, University of East Anglia, Veblen good, wage slave, wealth creators, World Values Survey, zero-sum game

Sport England, Trends in Sport Participation 1987–2002 (London: Sport England, 2002); Fidelis Ifedi, Sport Participation in Canada (Ottawa: Statistics Canada, 2005); Robert Putnam, Bowling Alone: The Collapse and Revival of American Community (London: Simon X Schuster, 2000), p. 113. 54. Dale Southerton et al., Trajectories of Time Spent Reading as a Primary Activity: A Comparison of the Netherlands, Norway, France, UK and USA since the 1970s, CRESC Working Paper 39 (www.cresc.ac.uk/sites/default/files/wp39.pdf; accessed January 12, 2012). 55. See Randeep Ramesh, “Happiness index planned to influence government policy,” Guardian, July 25, 2011. CHAPTER 7. EXITS FROM THE RAT RACE 1. Adam Lent and Mathew Lockwood, Creative Destruction: Placing Innovation at the Heart of Progressive Economics (London: Institute for Public Policy Research, 2010). 2. Adair Turner, Economics after the Crisis: Objectives and Means, Lecture 3: Economic Freedom and Public Policy: Economics as a Moral Discipline, Lionel Robbins Memorial Lecture (http://www2.lse.ac.uk/publicEvents/pdf/20101013%20Adair%20Turner%20transcript.pdf; accessed January 12, 2012). 3.

Fodor's Dordogne & the Best of Southwest France With Paris by Fodor's Travel Publications Inc.

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

call centre, glass ceiling, happiness index / gross national happiness, haute couture, haute cuisine, Murano, Venice glass, urban planning, young professional

With banks tightly regulated, French homeowners were spared an equivalent of the U.S. subprime mortgage crisis. Experts credited France for its long-term formula of economic fairness, with a less-pronounced gap between rich and poor than in other countries. Education is inexpensive; and the health care system, often called the world’s best, is available to all. President Sarkozy even floated the idea, however briefly, of adopting a happiness index to replace traditional measures of progress, taking into account quality of life factors. UNDER SIEGE: THE FRENCH CAFÉ The 2007 anti-smoking law came as a breath of fresh air in France, making meals in cheek-to-jowl bistros far more enjoyable for those who prefer their foie gras without their neighbor’s Gaulois an accompaniment. Since the rigorously observed law passed, cigarette sales have plunged to all-time lows in France, proof the French could live without their clopes.


pages: 339 words: 105,938

The Skeptical Economist: Revealing the Ethics Inside Economics by Jonathan Aldred

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

airport security, Berlin Wall, carbon footprint, citizen journalism, clean water, cognitive dissonance, congestion charging, correlation does not imply causation, Diane Coyle, endogenous growth, experimental subject, Fall of the Berlin Wall, first-past-the-post, framing effect, greed is good, happiness index / gross national happiness, Intergovernmental Panel on Climate Change (IPCC), invisible hand, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, labour market flexibility, laissez-faire capitalism, libertarian paternalism, new economy, Pareto efficiency, pension reform, positional goods, Ralph Waldo Emerson, RAND corporation, risk tolerance, school choice, spectrum auction, Thomas Bayes, trade liberalization, ultimatum game

This confounds our intuition. The hybrid theories escape these problems because our basic needs (or our perfect preferences) for income are quite similar, so the very poor warrant increased resources even while they are accustomed to their circumstances. Second, there is the problem of ‘interpersonal comparability’ mentioned in Chapter 3. Happiness economics assumes, roughly, that a two-point improvement in my happiness index is equivalent to a two-point improvement in yours, so that even if a policy involves both winners and losers, we can calculate the overall effect on happiness. But many philosophers have long argued we cannot perform these interpersonal comparisons without getting inside another’s head, experiencing feelings as others do - and this is impossible. If interpersonal comparability is a problem, then it is not one the hybrid theories face.


pages: 448 words: 142,946

Sacred Economics: Money, Gift, and Society in the Age of Transition by Charles Eisenstein

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Albert Einstein, back-to-the-land, bank run, Bernie Madoff, big-box store, Bretton Woods, capital controls, clean water, collateralized debt obligation, commoditize, corporate raider, credit crunch, David Ricardo: comparative advantage, debt deflation, deindustrialization, delayed gratification, disintermediation, diversification, fiat currency, financial independence, financial intermediation, fixed income, floating exchange rates, Fractional reserve banking, full employment, global supply chain, God and Mammon, happiness index / gross national happiness, hydraulic fracturing, informal economy, invisible hand, Jane Jacobs, land tenure, land value tax, Lao Tzu, liquidity trap, lump of labour, McMansion, means of production, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, new economy, off grid, oil shale / tar sands, Own Your Own Home, Paul Samuelson, peak oil, phenotype, Ponzi scheme, profit motive, quantitative easing, race to the bottom, Scramble for Africa, special drawing rights, spinning jenny, technoutopianism, the built environment, Thomas Malthus, too big to fail

Ultimately, what economics attempts to measure, underneath money, is the totality of all that human beings make and do for each other. That we should even attempt to measure this at all is quite odd. I have already leveled judicious criticism at the fat target of economics’ equation of money with the good. However, alternative measures of economic progress, such as the genuine progress indicator or national happiness index, suffer similar problems on a subtler level. Certainly they are improvements over GDP, for they no longer count such things as prisons and armaments as positive contributors to the good, and they add to economic wellness such things as leisure time. Nonetheless, they still assume that we can and should quantify the good, and that in order to do so, we must convert everything into a standard unit of measure.


pages: 386 words: 122,595

Naked Economics: Undressing the Dismal Science (Fully Revised and Updated) by Charles Wheelan

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

affirmative action, Albert Einstein, Andrei Shleifer, barriers to entry, Berlin Wall, Bernie Madoff, Bretton Woods, capital controls, Cass Sunstein, central bank independence, clean water, collapse of Lehman Brothers, congestion charging, creative destruction, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, David Brooks, demographic transition, diversified portfolio, Doha Development Round, Exxon Valdez, financial innovation, fixed income, floating exchange rates, George Akerlof, Gini coefficient, Gordon Gekko, greed is good, happiness index / gross national happiness, Hernando de Soto, income inequality, index fund, interest rate swap, invisible hand, job automation, John Markoff, Joseph Schumpeter, Kenneth Rogoff, libertarian paternalism, low skilled workers, lump of labour, Malacca Straits, market bubble, microcredit, money market fund, money: store of value / unit of account / medium of exchange, Network effects, new economy, open economy, presumed consent, price discrimination, price stability, principal–agent problem, profit maximization, profit motive, purchasing power parity, race to the bottom, RAND corporation, random walk, rent control, Richard Thaler, rising living standards, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, school vouchers, Silicon Valley, Silicon Valley startup, South China Sea, Steve Jobs, The Market for Lemons, the rule of 72, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, transaction costs, transcontinental railway, trickle-down economics, urban sprawl, Washington Consensus, Yogi Berra, young professional, zero-sum game

Jane Spencer, “Why Beijing Is Trying to Tally the Hidden Costs of Pollution as China’s Economy Booms,” Wall Street Journal, October 2, 2006. 5. David Leonhardt, “If Richer Isn’t Happier, What Is?” New York Times, May 19, 2001. 6. Daniel Kahneman, Alan B. Krueger, David Schkade, Norbert Schwarz, and Arthur Stone, “Toward National Well-Being Accounts,” American Economic Review, vol. 94, no. 2 (May 2004). 7. “Economics Discovers Its Feelings,” The Economist, December 23, 2006. 8. Alexander Stille, “A Happiness Index with a Long Reach: Beyond GNP to Subtler Measures,” New York Times, May 20, 2000, p. A17. 9. Edward Hadas and Richard Beales, “Sarkozy Imagines: No GDP,” Wall Street Journal, January 10, 2008; David Jolly, “G.D.P. Seen as Inadequate Measure of Economic Health,” New York Times, September 15, 2009. 10. David Gonzalez, “A Coffee Crisis’ Devastating Domino Effect in Nicaragua,” New York Times, August 29, 2001. 11.


pages: 570 words: 158,139

Overbooked: The Exploding Business of Travel and Tourism by Elizabeth Becker

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

airport security, Asian financial crisis, barriers to entry, Berlin Wall, BRICs, car-free, carbon footprint, clean water, collective bargaining, colonial rule, computer age, corporate governance, Costa Concordia, Deng Xiaoping, European colonialism, Exxon Valdez, Fall of the Berlin Wall, Frank Gehry, global village, happiness index / gross national happiness, haute cuisine, indoor plumbing, Masdar, Murano, Venice glass, open borders, out of africa, race to the bottom, Ralph Nader, Scramble for Africa, Silicon Valley, statistical model, sustainable-tourism, the market place, union organizing, urban renewal, wage slave, young professional, éminence grise

Philanthropists are underwriting ecolodges in Central America and wild game parks in sub-Saharan Africa. Tourists opt for vacations on organic European farms, while some add volunteer days at the end of their vacations in Asia to build homes for the poor. Few nations have shown more caution about the tourism industry and its downside than Bhutan. The Himalayan nation that measures progress through its happiness index has purposefully kept the number of tourists low to insure that the country’s culture, environment, faith and economy aren’t perverted by huge influxes of foreign tourists. The government says it limits tourists by regulating how many hotel rooms are available and limiting other tourist “infrastructure” as well as imposing a high tourist tariff. Bhutan calls this “low volume and high value” tourism.