Never mind measuring happiness, how about the misery index?


In the 1970s the US economist Arthur Okan came up with the concept to measure the social costs of simultaneous high inflation and unemployment, until then a relatively unknown phenomena. The idea is simple – add together the unemployment rate and the rate of price increases as a measure of how much ‘misery’ the people are suffering. Read the full story on False Economy blog

 

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About Colin Talbot

Professor of Government. Universities of Cambridge and Manchester, England.
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