Happyism: The Creepy New Economics of Pleasure. Economist Dierdre McCloskey, in the New Republic, digs into the mathematical underpinnings of the scientific study of happiness. Executive summary: she doesn't like what she finds.
Visualizing Economics. Catherine Mulbrandon makes visualizations of economic data, including the variation of the top marginal tax rate over time and the high cost of buying a TV on credit.
The most economically efficient use of a turkey is to use it for conceptual art while others starve. Generalized equilibrium theory wishes you a happy and Pareto-optimal Thanksgiving, via Cosma Shalizi.
"We now have a smallish house in a nondescript working class Seattle neighborhood with no sidewalks. We have one car, a battered old minivan with a large dent on one side where you have to bang it with your hip to make the door shut. Our boys go to public schools. Our jobs pay enough to support our lifestyle, mostly anyway. If we wanted, we could both do the "next thing" on our respective career paths..... Fact is, we just don't want to work that hard! We already work harder than we feel like working. We enjoy having time to lay around in the living room with the kids, reading. We like to watch a little TV after the kids are in bed. We like going to the park and visits with friends and low-key vacations and generally relaxing. Going further down our respective career paths would likely mean more work, greater responsibilities, higher stress, and less time to lay around the living room with the kids. So why do it?" David Roberts in Grist on satisficing, voluntary non-affluence, and the medium chill.
"We infer that beyond about $75,000/y, there is no improvement whatever in any of the three measures of emotional well-being." Two social scientists at Princeton, Angus Deaton and Nobelist Daniel Kahneman, have a new paper in PNAS about money and the determinants of happiness. Increased income above $75,000 is not associated with higher subjective happiness, though it is associated with superior scores on measures of overall life satisfaction. Other tidbits: "Religion has a substantial influence on improving positive affect and reducing reports of stress, but no effect on reducing sadness or worry... The presence of children at home is associated with significant increases in stress, sadness, and worry."
"Take a little bad psychology, add a dash of bad philosophy and ethics, and liberal quantities of bad logic, and any economist can prove that the demand curve for a commodity is negatively inclined." MIT economist Andrew Lo and string theorist turned asset manager Mark Mueller on the "physics envy" that plagues economics, and how to stop worrying and love uncertainty.
"There are half a dozen [economic] issues today, each one of which is as important as the most important issue at the beginning of most presidential terms." Larry Summers became so well-known during his brief and contentious tenure as President of Harvard that it's easy to forget about his real job, as a much-lauded academic economist with a history of real-world service at the World Bank and in the Clinton Administration. In this month's Harvard Magazine, he summarizes his view of the economy (grim) and what the next president is going to have to do about it (a lot.)