Friday, December 31, 2010
...at least in Turkey. So I just wanted to wish all a Happy New Year!
The Fab. 4 once said money can't buy you love, and economists are still debating whether it can buy happiness, although it is common thing to throw in the utility function, either directly or as consumption (you need money to consume, after all).
So I am not sure if anyone would say no to yet another drop of money from Helicopter Ben or his ECB counterparts. In fact, it was these two who, with all their liquidity injections, caused an inflow of return-hungry capital to emerging markets like Turkey. But as a result, your friendly neighborhood economist's 2011 projections were all messed up. More importantly, as recently admitted by CBT Governor Durmus Yilmaz especially the latest ECB measures drove Turkey to what I deem as weird and dangerous policy mix.
Therefore, there are quite a few people in Turkey who believe money can't buy happiness, but there is still nothing preventing me from wishing a Happy New Year, with or without money...
Posted by Emre Deliveli at 11:59 PM