Shiny happy people

Forget kaleidoscopes, forget people are like snowflakes, forget we're all individuals (bonus points if you got the last reference without following the link.) There is only one real way to define success. Just one.

I got to know Carlin Flora through Psychology Today (a magazine and a site that I love) when she was a writer and editor there. Now, she has a terrific book coming out in a few days, on a subject of tremendous importance to happiness: friendship. Ancient philosophers and contemporary scientists agree: a key to happiness, and probably the key to happiness, is strong bonds with other people.

A dentist in midtown Toronto is trying to lure new patients with an attractive come-on: professional teeth whitening for $39.99, “a $400 value.” One in Vancouver goes a step further, providing whitening for free as an introductory offer. It is the kind of salesmanship more common in retailing than health care, but some analysts predict it will become increasingly prevalent among dentists, as one of Canada’s most financially secure professions appears headed for a new era of tough competition.

Clemens Hetschko, Andreas Knabe, Ronnie Schöb, 4 May 2012Most people’s wellbeing is permanently affected by unemployment. This column argues that the unhappiness is due to a loss of identity, rather than daily experiences. Using German data, it shows that the long-term unemployed become happier upon entering retirement, thus changing social category, even though this does not change their daily lives.Full Article: How retiring makes the unemployed happier

For instance, a 2002 study Diener conducted with Martin Seligman found that, "the most salient characteristics shared by the 10% of students with the highest levels of happiness and the fewest signs of depression were their strong ties to friends and family and commitment to spending time with them." For my money, however, Diener's most notable contribution has been to debunk common happiness myths. Regardless of standard of living or cultural or racial homogeneity, Diener found that "collectivist" nations were far happier than "individualist" nations like the U.S.

Most career problems stem from the fact that we are terrible at picking jobs. We think we are picking a good job and then it turns out to be a bad job. It’s almost impossible to pick a good job on the first try, actually. So don’t think you’ll be the exception.

Daron Acemoglu, James A Robinson, Thierry Verdier, 21 November 2012Amid the current economic slowdown there is renewed interest in what type of capitalism fosters growth and best improves welfare. This column argues Nordic-style capitalism may provide higher welfare but in an interconnected world, it may be the cutthroat US capitalism, with its extant inequalities, that makes possible the existence of more cuddly Nordic societies.Full Article: Choosing your own capitalism in a globalised world?

Dimitri Vayanos, Paul Woolley, 18 January 2012According to classical economics, there are no gains to be made in an efficient market. Yet markets are often far from efficient and the gains are often far from insignificant. So should investors follow the herd or rely on best guesses of fair value? This column argues that the optimal strategy depends on whether you are in for the short or long term. Full Article: Choosing an investment strategy for an inefficient world