Do You Approve of Profits?

Two Questions: 1.How do you feel about profit? In their paper, “Is Profit Evil? Associations of Profit With Social Harm,” 3 University of Pennsylvania researchers discuss two studies that display people’s negative response to profit seeking activity. Ultimately, they conclude…

Consumer spending

In Pursuing Happiness: American Consumers in the Twentieth Century, economist Stanley Lebergott asked us to imagine that automobiles, penicillin, electric washing machines, refrigerators, disposable diapers, electricity, television, and “every economically significant good added since 1900” all disappear.  Next, he tells…

The GDP and Happiness

Yesterday’s post about the impact of individual wealth on happiness started me wondering about flush toilets, washing machines, and cars. As our nation became wealthier and produced more goods and services, how did that affect our happiness? To get some…