Are You Happy? Ben Bernanke Wants to KnowSubmitted by LittleWing on Wed, 08/08/2012 - 12:03
WASHINGTON (AP) - Ben Bernanke wants to know if you are happy.
The Federal Reserve chairman said Monday that gauging happiness can be as important for measuring economic progress as determining whether inflation is low or unemployment high. Economics isn't just about money and material benefits, Bernanke said. It is also about understanding and promoting "the enhancement of well-being."
Bernanke and Fed policymakers rely on reports on hiring, consumer spending and other economic data when making high-stakes decisions about the $15 trillion U.S. economy. The Fed's dual mandate is to maintain low inflation and full employment.
"We should seek better and more-direct measurements of economic well-being," Bernanke said Monday in a video-taped speech shown to a conference of economists and statisticians in Cambridge, Mass. After all, promoting well-being is "the ultimate objective of our policy decisions."
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