Money can’t buy happiness, but helps, says Bernanke

WASHINGTON, May 8 (BestGrowthStock) – Economic growth is not an end
in itself, but policy makers pursue it because richer countries
are better able to provide health, jobs and a clean environment
for their people, Federal Reserve Chairman Ben Bernanke said on
Saturday.

In a commencement speech at the University of South
Carolina, Bernanke did not directly address the outlook for the
economy and monetary policy.

The Fed chairman did urge students not to choose their
careers based on purely monetary rewards.

“Having a larger income is exciting at first, but
as you get used to your new standard of living, and as you
associate with other people in your new income bracket, the
thrill quickly wears off,” Bernanke said in prepared remarks.

Gross domestic product “is not itself the final objective
of policy.” Still, officials rely on growth measures to
calibrate their policies because stronger economies are better
at creating opportunity, he said.

“The policy goals of promoting economic growth and
employment, though not — as we have seen — the only
appropriate goals, are worthwhile nonetheless,” he said.
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(Reporting by Pedro Nicolaci da Costa; Editing by Leslie
Adler)

Money can’t buy happiness, but helps, says Bernanke