[Ok-sus] Wow!: Bernanke: Economists should focus on well-being
juliegahn at yahoo.com
Mon Aug 6 11:19:46 CDT 2012
By Greg Robb
"WASHINGTON (MarketWatch) - Economists should find better ways to measure the
life satisfaction of citizens, Federal Reserve Board Chairman Ben Bernanke said
Monday. "We should seek better and more-direct measurements of economic
well-being," as this is the "ultimate purpose" of economics, Bernanke said in
prerecorded remarks to an international conference of economists in Cambridge,
Mass. National statistics like gross domestic product paint an incomplete
picture of what many individuals are experiencing, he said. As economists
continue to work on measuring well-being, there will likely be a greater
recognition of the contributions of psychology, Bernanke said."
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