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Our empirical analysis on the determinants of self declared happiness on more than 100,000 individuals from representative samples in 82 world countries does not reject the hypothesis that the time spent for relationships has a significant and positive impact on happiness. This basic nexus helps to understand new unexplored paths in the so called "happiness-income paradox". To illustrate them we show that personal income has two main effects on happiness. The first is a positive relative income effect which depends on individual's ranking within domestic income quantiles. The second is determined by the relationship between income and relational goods. In principle, more productive individuals may substitute (if the income effect prevails over the substitution effect) worked hours with the nonworking time made free for enjoying relationships, when they have strong preferences for them. The problem is that these individuals tend to have ties with their income class peers who share with them a high opportunity cost for the time spent for relationships. Hence, a coordination failure may reduce the joint investment in relational goods (local public goods which need to be co-produced in order to be enjoyed together) and, through this effect, individuals in the highest income quantiles may end up with poorer relational goods. The impact of personal income on happiness through this channel is therefore expected to be negative.

This article describes a study of the environmental impacts of the use of industrial agricultural chemicals in four Asian countries-China, India, the Philippines and Thailand. The objective was to contribute objectively to the discussion on the extent of the problem, past and current damages to the environment to and outline possible paths to sustainable and environmentally benign agriculture. The four countries are experiencing rapid economic growth under a tremendous population growth pressure that, with the exception of China, will continue without leveling of in a foreseeable future. This requires more food production that has been accomplished by the increased use of industrial chemical fertilizers. Although the four countries uses of industrial chemicals vary, the mix of nutrients appears to be imbalanced, resulting in large nitrogen losses into the environment, especially in China. A suggested solution of the problem begins with reducing (China) or maintaining (India, the Philippines, Thailand) average nutrient application levels needed by the crops and includes optimal hybrid agriculture by using organic Readers should send their comments on this paper to BhaskarNath@aol.com within 3 months of publication of this issue. fertilizers, and fertilizers in the irrigation water already overloaded with nitrogen. There is a need to balance fertilizer N and P applications with the crop needs.

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Este artículo propone una nueva clase de expectativas para los modelos macroeconómicos multi-agentes. Se modifican las expectativas adaptativas, las cuales constituyen la norma en la modelación macroeconómica multi-agentes, para convertirlas en expectativas semi-adaptativas. Este nuevo mecanismo de expectativas se caracterizada por una volatilidad en relación con la influencia de los sentimientos de optimismo/pesimismo en la cognición de los agentes. Entonces, las expectativas semi-adaptativas son integradas en un modelo macroeconómico multi-agentes para ilustrar su impacto en la fragilidad financiera de las empresas. Entre los resultados obtenidos, se evidencia que las empresas pueden limitar la magnitud de su fragilidad financiera si formulan sus expectativas de ingresos con un grado máximo de volatilidad alrededor de una expectativa inicial que sirve de casi-referencia de largo plazo.