One swallow does not make a summer, neither does one fine day; similarly one day or brief time of happiness does not make a person entirely happy (Aristotle). At a time when the global economy is at the brink of collapse, it is interesting to inquire how economic cycles affect our positive psychology:
Does economic contraction entail psychological recession?
Could economic theory not only explain individual motivations but also religious orientations? Could our conceptualisation of God be an 'invisible hand' (see A.Smith, Wealth of Nations) devised so as to fulfill ulterior economic motives?
Could happiness be more dependent on the inward disposition of the mind than on outward circumstances? And could economic theory explain - or even control - such dispositions?
My nescience of contemporary economic literature prevents me from providing suitable answers to these questions. Your views, however, are more than welcome.