A
recent ONS survey of well-being in the UK has produced some interesting
findings. Northern Irish people are
‘happier’ than people from other parts of the UK on nearly every measure of
subjective well-being (click here for the details). This is despite the fact that using standard
economic measures of well-being, such as GVA per capita, Northern Ireland is
the worst region in the UK apart from Wales.
This is also despite the continuing legacy of the ‘troubles’. So why is subjective well-being so high in Northern
Ireland compared to other parts of the UK?
Is there something different about our culture compared to the rest of
the UK? Is Northern Ireland a less
congested and more pleasant place to live?
Is Northern Ireland more egalitarian and less socially divided than
other parts of the UK?
My colleague and former PhD student Gareth Campbell has created a website about the British Railway Mania - click here . This episode has been described by the Economist as probably the greatest bubble in human history. Gareth's website provides background on the Mania and posits some explanations for the 'bubble'. In his explanation of why the bubble happened, Gareth places a lot of emphasis on investor myopia regarding future dividends and uncalled capital. His study of investors during the episode does not support the view that this episode was fuelled by naive and irrational investors.