Forget about growth in GDP, the unemployment rate, inflation, stock prices and all things relevant to money.
Federal reserve Chairman Ben Bernanke suggested this week that happiness should be used to measure the country’s economic strength.
According to Bernanke, economics isn’t just about money, it’s also about understanding and promoting “the enhancement of well-being.” We’re not sure how or whether “well-being” can be enhanced, but it’s probably a good thing that measuring happiness is about as feasible as measuring a person’s thoughts.
Of course, there is a Misery Index, which is calculated by combining the unemployment and inflation rates. The Misery Index hit a 28-year high of 12.7 in June 2011. It has since dropped to 9.83, but few Americans are dancing with joy these days.
Perhaps Bernanke is hinting that The Fed’s next stimulus plan will be to pass out prescriptions to anti-depressants to all Americans.