Seeing as the Western economies are all going to hell in a handcart by the end of 2011, I thought I’d take a look and see how much residual optimism is left.
To do this, I constructed the TN Joy Index, by taking the numbers of articles that mention the word “joy”, and dividing them by the number that mentioned the word “gloom”. In this case, I’m showing the results from news sources in the US (omitting sport, where both emotions are cheapened commodities, and obituaries, which might skew the data). I figured the US is the bellwether economy for joy. It is still the world’s largest manufacturer and exporter of optimism, though not all of it is of the highest quality these days. for example, only the US could have produced the following three books, demonstrating how competitive the market in misplaced optimism used to be:
For would-be students of the TN Joy Index, I present three results. The first is that newspapers are still, on balance, happy places. Not one of my results contained a month where there were more articles mentioning gloom than joy. I wouldn’t go so far as to recommend a newspaper to cheer yourself up at the moment, unless your personal Joy Index is low indeed. If that is the case, buy the official Talk Normal book instead. That’ll make at least one of us happy.
The second result is that, despite a lack of concrete reasons to be cheerful, the US has been steadily recovering the joy it abruptly lost in 2007 and 2008. In 2011 joy has been up to almost pre-crash levels of exuberance. I suspect that joy is more in evidence among high earners. Still, if you’re unemployed or in foreclosure, look at this and you might be encouraged:
Not for long though. The Weekly TN Joy Index is plunging like an overworked plumber. In week 32*, beginning 8 August, we reached historically low levels of joyfulness, with only 1.62 joys for every gloom. For comparison: in the week that Lehman Brothers collapsed in the US, the index was at 1.97. In the week after 9/11, it was at 2.24.
The short-term market for optimism seems to have collapsed, but I refuse to be downhearted. I may write a book called “Joy at 100,000!!!” predicting a time when gloom is all but forgotten and a sub-2 index seems unthinkable. It’s about as likely to happen in the near future as the Dow at 40,000 – but, when the market turns, there will be money in unrealistic optimism once again. I want my cut.
* TN TruFact: Since 15 June 1988, there has been an International Standard for week numbering, to give management consultants something to report on when they visit wall chart manufacturers. It is defined in ISO-8601 and, according to Epoch Converter, “The first week of the year is the week that contains that year’s first Thursday.” If that doesn’t restore your faith in the ability of developed economies to create jobs out of thin air, nothing will.