“I’ve got no silver and I’ve got no gold, Just a whole lot of happiness in my soul”

So Ken Dodd knew what it was but in the age of austerity have we grasped it yet? Consumer confidence measures suggest not but economists have always struggled with the idea of measuring happiness.

Happiness has to some larger or lesser degree always been connected to material well being. Ever since the fifties the standard of living has improved at an astonishing rate and happiness for many people has been inextricably tied up with this journey. Sadly, the credit crunch (though the effects have been largely well managed so far through fiscal and monetary policy) has resulted in rocketing rates of mental health issues as economic realignment takes its toll in human as well as monetary cost.

Some would contend we must be happier as the low paid of today live longer and better lives than the rich of two hundred years ago. There are too many variables for this to work for me but what does appear to be true is that the raising of the “standard of living” bar appears to have converted “wants” into “needs” so now when expectations go unfulfilled people are disappointed.

It may be linked to the birth of mass envy through advertising or poor self esteem through phenomenon like celebrity culture. As a species we do seem to love stuff that (like junk food) in large doses is bad for us. (If you don’t believe me compare the way you feel about yourself after watching University Challenge with how you feel after enjoying an omnibus of Eastenders or Celebrity Big Brother – its called priming I believe).

I have come to the unoriginal conclusion that happiness works like a compass and a good compass doesn’t point to the same direction all the time. There’s a fixed limit on the amount of positive emotion to be experienced by anyone through anyone thing. at any particular moment. If this sentiment is dawning on us I won’t be betting on a consumer led recovery.