233-236 Should We Pop Them?:
Discussion of the potential social, economic, and political fallout from the financial crisis of 2008 draws from Fernando Ferreira, Joseph Gyourko, and Joseph Tracy, “Housing Busts and Household Mobility,” NBER Working Paper, September 2008; Philip Oreopoulos, Till von Wachter, and Andrew Heisz, “The Short- and Long-Term Career Effects of Graduating in a Recession: Hysteresis and Heterogeneity in the Market for College Graduates,” NBER Working Paper, April 2006; and Markus Brückner and Hans Grüner, “Economic Growth and the Rise of Political Extremism: Theory and Evidence,” CEPR Discussion Paper, March 2010. The debate over whether bubbles should be popped draws from Brad Delong, “Sympathy for Greenspan,” Project Syndicate, June 29, 2009 (at
www.project-syndicate.org/commentary/delong91
); Kevin J. Lansing, “Speculative Growth, Overreaction, and the Welfare Cost of Technology-Driven Bubbles,” Federal Reserve Bank of San Francisco Working Paper, August 2009 (
www.frbsf.org/publications/economics/papers/2008/wp08-08bk.pdf
, accessed 08/08/2010); and James Edward Meeker,
The Work of the Stock Exchange
(New York: The Ronald Press Company, 1922), p. 419. The tally of countries that have escaped banking crises is by Carmen Reinhart and Kenneth Rogoff, “Banking Crises: An Equal Opportunity Menace,” NBER Working Paper, December 2008.
236-239 What Rationality?:
Eugene Fama’s quote is in Douglas Clement, “Interview with Eugene Fama,”
The Region
, Federal Reserve Bank of Minnesota, December 2007. Keynes’s quote is in John Maynard Keynes,
The General Theory of Employment, Interest and Money
(New York: Harcourt Brace and World, 1965), p. 161. Robert Shiller’s theory is described in George Akerlof and Robert Shiller,
Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
(Princeton: Princeton University Press, 2010).
240-246 Economics for a New World:
Limits to the assumption of human rationality and self-regard are discussed in Herbert Gintis, “Five Principles for the Unification of the Behavioral Sciences,” Working Paper, May 13, 2008. The impact of payments on altruistic motivations is discussed in Carl Mellström and Magnus Johannesson, “Crowding Out in Blood Donation: Was Titmuss Right?,”
Journal of the European Economic Association
, MIT Press, Vol. 6, No. 4, 2008, pp. 845-863; William Upton, “Altruism, Attribution and Intrinsic Motivation in the Recruitment of Blood Donors,” doctoral dissertation, Cornell University, August 1973; and Dan Ariely, Anat Bracha, and Stephan Meier, “Doing Good or Doing Well? Image Motivation and Monetary Incentives in Behaving Prosocially,” Federal Reserve Bank of Boston Working Paper, August 2007 (
www.bos.frb.org/economic/wp/wp2007/wp0709.pdf
, accessed 08/08/2010). Data on the increasing economic clout of developing countries can be found in OECD Development Center, “Economy: Developing Countries Set to Account for Nearly 60% of World GDP by 2030, According to New Estimates,” June 16, 2010 (at
www.oecd.org/document/12/0,3343,en_2649_33959_45467980_1_1_1_1,00.html
, accessed 07/19/2010). The potential impact of recession on the mind-set of Americans is discussed in Paola Giuliano and Antonio Spilimbergo, “Growing Up in a Recession: Beliefs and the Macroeconomy,” NBER Working Paper, September 2009. The British Treasury’s response to Keynes’s suggestions during the Great Depression is in Anatole Kaletsky,
Capitalism 4.0
(New York: Public Affairs, 2010), p. 50. And Alan Greenspan’s shock was recorded in Brian Knowlton and Michael Grynbaum, “Greenspan ‘Shocked’ That Free Markets Are Flawed,”
New York Times
, October 23, 2008.
Index
ABC
Abell, O. J.
abortion (feticide)
Abu Dhabi
Aché
adaptation
adultery
advertising
news and
television
Africa
polygamy in
premarital sex in
slave trade in
Agent Orange
agriculture
food prices and
future of
illegal immigrants and
productivity in
slavery and
Agriculture Department, U.S.
airlines
air pollution
airports, Hare Krishna in
Aktion T-4
alcohol
altruism
American Airlines
American Association of Retired People
American Indians
American Society for Reproductive Medicine
Amway
Anabaptists
Anderson, Chris
anemia
animal welfare movements
apes, bonobo
Apple
Aquinas, Thomas
Archimedes of Syracuse
Argentina
Ariely, Dan
aristocracy
Aristotle
Arno River
Asia
financial crisis in
AT&T
auctions
Augustine, Saint
Australia
auto industry
Babylonian code
Badalone
, Il
(barge)
Bangladesh
banks, bankers
earnings of
regulation of
Bardot, Brigitte
Barton, Joe
baseball
basketball games
beauty, wages and
Becker, Gary
Beckham, David
Beecher, Thomas K.
behavioral economics
Belgium, Belgians
Benedict, Pope
benefits
Benny, Jack
Berlioz, Hector
Bernanke, Ben
Betzig, Laura
Bhutan
Bible
bicycles
BigChampagne
bike helmets
birds
birth-control pills
Black Death
blacks, workplace fatalities of
Blinder, Alan
body
Book-of-the-Month Club
books
Borgerhoff Mulder, Monique
Bourdieu, Pierre
BP
Bracero program
Brand, Stewart
Brazil
culture in
Pelé in
bride prices
Brooklyn
Brown, Dan
Brunelleschi, Filippo
bubbles
Buffett, Warren
Burkina Faso
Burundi, happiness in
Bush, George W.
business
Caen
California
California, University of (Berkeley)
campaign contributions
Canada
culture in
singles vs. married in
cancer
Canon
Cantor Fitzgerald
capital
human
capitalism
carbon emissions
“Care for Girls” initiative
cars
fuel efficiency of
see also
auto industry
Cashat-Cruz, Miguel
Catholic Church
cell phones
CEOs, earnings of
charity
Chiang Kai-shek
Chicago, University of
child mortality
children
bike helmets for
education of
faith and
female
happiness and
women’s rearing of
China
future of
genetic variation in
income in
missing girls in
pollution in
workforce in
Chisasibi Cree
chocolate
Christianity
Christmas Carol, A
(Dickens)
Chrysler
cigarettes
Citigroup
Clean Air Act (1970)
Clear Skies Act
climate change
CNN
Coca-Cola
coffee
Colombia
colonial America, work in
competition
of airlines
for managerial talent
between newspapers and Web
of patented drugs vs. generics
restraints on
computer chips
computers
comScore
concerts
Congo
Congress, U.S.
campaign-finance legislation and
copyright and
Greenspan’s testimony to
lobbying of
regulation and
see also
House of Representatives, U.S.; Senate, U.S.
Congressional Budget Office (CBO)
Consumer Product Safety Commission
consumers, consumption
free things and
contraception
Cook, James
Copernicus, Nicolaus
copyright
corporations
wages and
Corrupt and Illegal Practices Prevention Act (1883)
corruption
politics and
cotton
coyote
credit
crime
Crompton, Samuel
Cruise, Tom
Cuba
culture
affordable traits and
politics and
repugnance and
Daimler AG
Dark Knight, The
(movie)
Darwin, Charles
Darwinism
Das Gupta, Monica
Dasgupta, Partha
Deaton, Angus
De Beers
Defense Department, U.S.
demand
democracy
Deng Xiaoping
Denmark, Danes
Denver shoppers
deregulation
Descartes, René
Desperate Housewives
(TV show)
developing world
climate change in
garbage dumps in
sex in
Dickens, Charles
Digital Rights Management technologies (DRM)
discount rate
discrimination
divorce
finances and
dogs, as food
dowries
drivers
drugs
abuse of
Duke University
Dunkin’ Donuts
dwarf tossing
Easter Island
Easterlin, Richard
Eastern Europe, former Soviet satellites in
Eastman, George
Eastman Kodak Company
economic growth
happiness and
economics for a new world
“Economics of Superstars, The” (Rosen)
education
of children
wages and
of women
efficient markets
eggs
Egypt, Egyptians
Ehrlich, Paul R.
Eisenhower, Dwight D.
elderly people/senior citizens
elections
U.S.
electricity
elephant-seal cows
Elías, Julio Jorge
e-mail, spam and
Emergency Highway Energy Conservation Act (1974)
Empire State Stem Cell Board
encyclopedias, free
energy
engagement rings
engineers
England
environment
see also
climate change; pollution
Environmental Protection Agency (EPA)
Epson
ESP printers
Essay on the Principle of Population, An
(Malthus)
Ethiopia
Ethnographic Atlas
(Murdock)
eToys
Eurobarometer surveys
Europe
Catholic Church in
decline of polygamy in
happiness in
lack of sprawl in
U.S. compared with
work hours in
see also
Western Europe
European Climate Exchange
European Union
evangelical Christianity
executive pay
ExxonMobil
faith
benefits of
cheap
cost of
Fallaci, Oriana
families
changes to
culture and
income of
of 9/11 victims
size of
Fanning, Shawn (the Napster)
Federal Communications Commission
Federal Food, Drug, and Cosmetic Act, Delaney Clause to (1958)
Federal Reserve
Federal Trade Commission (FTC)
“Feeding the Illusion of Growth and Happiness” (Easterlin)
Feinberg, Kenneth
fertility
decline in
female
file sharing
film
financial crises
financial services
fines
fire departments
fishing
floors
Florence
foeticide
food
culture and
faith and
preparation of
price increases for
surpluses of
Food and Agriculture Organization
Food Quality Protection Act (1996)
Ford
Ford, Henry
Foreign Corrupt Practices Act
Fourier, Charles
France
happiness in
work hours in
Frank, Robert
Free
(Anderson)
Freedom Communications
free lunch, use of term
free rider problem
free things
broadcast TV and
movies
music
and Napstering the world
and profiting from ideas
freeware
Freud, Sigmund