Can economists help make us happier people? Can the insights of behavioural economics nudge us to become happier people? Tim Harford has a great post looking at this very subject and is slightly sceptical about the ability of economists or happynomics to improve our happiness.
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.