Wednesday, August 31, 2005

"Hedonomics" - The Un-Dismal Science

I thought this was amusing.

Madsen Pirie at The Adam Smith Institute has a link to a tongue-in-cheek article on "hedonomics" - the "dismal science with its own happy ending". I think there are mostly two types of people (10, if you speak binary) - hedonomicists, and their opposite number (although I haven't decided what best to call them - maybe skeptonomicists, or gloomonomicists?) Here's an excerpt:
This is the newly identified branch of economics which exists to show that every story has a happy ending. As so often happens, practice has been running far ahead of theory. Chancellors work on it, deal-makers live by it, tycoons try their luck with it. In the stock market, hedonomics finds its natural home.
Click here for the whole thing.

Two observations:
  • I wonder how much of which camp a person is in is is determined by their basic nature, and how much by their incentives to be optimistic or pessimistic.
  • IMHO, many journalists tend to be practitioners of gloomonomics.

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