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Happiness quantification sounds a bit wishy-washy, sure, and through a series of carefully administered surveys across the globe, economists and psychologists have certainly confronted a fair number of sticky issues around how to measure, and even define, happiness.

Happiness statistics may be most valuable in smaller, local discussions. Understanding how different sorts of programs affect the well-being of citizens would be enormously helpful to a mayor choosing between building a new bridge or offering a tax cut.

Most rich countries have reported increases in happiness as they become richer.

Much of what we consider the American way of life is rooted in the period of remarkably broad, shared economic growth, from around 1900 to about 1978.

The so-called skills gap is really a gap in education, and that affects all of us.

Perhaps concentrated wealth will inspire a nation of innovative problem-solvers. But if the view of many economists is right - that it sometimes discourages innovation - then we should worry.

One of the great political and economic challenges of our time is figuring out the balance between wealth that benefits society and wealth that distorts.

We can fight over what the taxation levels should be, but the tax system should be very, very simple and not distortionary.

The America that I think most Americans would want, most economists on the right or left would want, is one in which a smart, ambitious, hardworking person without a huge amount of resources has a pretty good shot, in the end, of beating out a less smart, less ambitious, less hardworking rich person.

The economy works best when better ideas win out over worse ideas, harder work wins out over less work, when it's a fair fight in the marketplace.

Lots of countries have great constitutions, but their leaders have a practice of ignoring the rules whenever they feel like it.

In poor countries, the rich and powerful crush the poor and powerless.

Poverty is not the simple result of bad geography, bad culture, bad history. It's the result of us: of the ways that people choose to organize their societies.

If large numbers of people believe they have no shot at a better life in the future, they will work less hard and generate fewer new ideas and businesses. The economy, as a whole, will be poorer.

Art is often valuable precisely because it isn't a sensible way to make money.

It makes me happy to think that this world of art-as-investment is a minuscule fraction of the art world overall. Most people who create, trade and own art do it for a much simpler reason. They just like it.

Economics is all about consumption. People either spend money now or they use financial instruments - like bonds, stocks and savings accounts - so they can spend more later.

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