BIS central bankers’ speeches  1  Although the field is still young, there have been interesting developments in the measurement of economic well-being. In a commencement address two years ago titled “The Economics of Happiness,” I spoke about the concepts of happiness and life satisfaction from the perspective of economics and other social science research.
•  In America, the unemployment rate peaked at 10 per cent in October 2009 and is now at 5½ per cent. The average rate in the new century to date (ie since 2000) is 6½ per cent. •  In Australia the unemployment rate in October 2009 was about 5½ per cent.