augie (or whoever reads this <g> as augie probably filters me), the current issue of The New Yorker includes this on Boom/Bust psychology:
"In the past few years, a loose collection of economists and psychologists have started to take seriously the question of happiness and its relation to the economy as a whole. Inspired by experiments like Kahneman's, they have decided that if you want to understand the real impact of things like booms and busts you can't just look at what people do. You have to try to understand—using psychological experiments, long-term national surveys, and macroeconomic studies—how they feel. Krueger and Kahneman, a Princeton colleague, are trying to come up with an accurate way of measuring economic well-being—a sort of G.D.P. of mood. In the meantime, economists are using the flawed measures of happiness that we're currently stuck with to tell us some very interesting things, such as why the economic sentiment seems so bleak, even though the American economy is four trillion dollars bigger and vastly more productive than it was a decade ago."
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