 And if we have these three conditions, democracy, decentralization and free media, people have a good chance to become happy. The first is, does money make you happy? And a lot of people think that's not true at all. Happiness has nothing to do with money, with income. It has to do with deep things in your soul. And of course, economists have always claimed higher income leads to more utility. And economists are right. We find in all studies that people with higher income are happier. Keeping everything else constant, let's say, keeping constant, whether they are married or what age, they are having more goods and services available, really makes people happier and that's a good result. And the second is, that is very unfortunate, namely that unemployment makes people terribly unhappy. So if somebody has a job and then is kicked out, loses the job, then his or her happiness fall tremendously. And the interesting thing is, men remain unhappy while women recover and partly because they can go back to their household and do reasonable work. So men find it more difficult to adjust to being unhappy. And it's important that this happiness effect of unemployment is not due to the fact that the unemployed have less money because we keep that constant. It is, the unemployed are more unhappy, much more unhappy than all the rest because they feel kicked out of society. And their own view of themselves, their self-image, is damaged tremendously because they think they cannot function in this society. So these are the two major effects of the economy on happiness. So people would like to have more money or want to have been maintained as social status? I think the social relationships are very, very important too. I would say these are the two things, reasonably good economic conditions and a good social life. And one of the most important things is having friends and acquaintances and a social life. And people who do not have friends are really unhappy, even if they have a high income. So the human being really wants personal relationships. What can economists do about that? Economists can suggest what government can and should do. And my view is we should not ask government to interfere directly. I think the most important thing is that we have good overall conditions in our society. So in our language, the rules of the game must be set such that people can on their own become happy. And there are three things which are very important, namely democracy. People really value the right to participate. The second thing is federalism, decentralized political decisions. That things are not dictated from a central point and sort of handed down. But that people in their own locality can decide and they know much about it. So it also makes sense. And the third thing is free media. People must be able to inform themselves. And if we have these three conditions, democracy, decentralization, free media, people have a good chance to become happy.