Macroeconomists are in the dog-house but behavioural and welfare economists are in the acsendancy as policy focuses on ways in which we can nudge people to healthier lifestyles and away from an age of excess. A new survey finds that people seem to get happier as they age. And Tim Harford writes about the growing emphasis being given to aspects of welfare economics in today’s Sunday Times
“Silly or sobering, happiness economics is in the ascendancy. The economists conducting this research have influence in high places. Lord Layard, the patron saint of happiness economics in the UK, is a Labour life peer. Alan Krueger, an economist who has been working with Kahneman and Schwarz, has been made a senior Treasury official by President Obama. Before his nomination he was working on a method for producing “happiness accounts” for the United States.”
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