P1What would you do with $590m? This is now a question for Gloria Mackenzie, an 84-year-old widow who recently emerged from her small, tin-roofed house in Florida to collect the biggest undivided lottery jackpot in history. If she hopes her new-found fortune will yield lasting feelings of fulfillment, she could do worse than read Happy Money by Elizabeth Dunn and Michael Norton.

P2These two academics use an array of behavioral research to show that the most rewarding ways to spend money can be counterintuitive. Fantasies of great wealth often involve visions of fancy cars and extravagant homes. Yet satisfaction with these material purchases wears off fairly quickly. What was once exciting and new becomes old-hat; regret creeps in. It is far better to spend money on experiences, say Ms. Dunn and Mr. Norton, like interesting trips, unique meals or even going to the cinema. These purchases often become more valuable with time—as stories or memories—particularly if they involve feeling more connected to others.

P3This slim volume is packed with tips to help wage slaves as well as lottery winners get the most “happiness bang for your buck.” It seems most people would be better off if they could shorten their commutes to work, spend more time with friends and family and less of it watching television (something the average American spends a whopping two months a year doing, and is hardly jollier for it). Buying gifts or giving to charity is often more pleasurable than purchasing things for oneself, and luxuries are most enjoyable when they are consumed sparingly. This is apparently the reason McDonald’s restricts the availability of its popular McRib—a marketing trick that has turned the pork sandwich into an object of obsession.

P4Readers of Happy Money are clearly a privileged lot, anxious about fulfillment, not hunger. Money may not quite buy happiness, but people in wealthier countries are generally happier than those in poor ones. Yet the link between feeling good and spending money on others can be seen among rich and poor people around the world, and scarcity enhances the pleasure of most things for most people. Not everyone will agree with the authors’ policy ideas, which range from mandating more holiday time to reducing tax incentives for American homebuyers. But most people will come away from this book believing it was money well spent.

P1Many people talked of the 288,000 new jobs the Labor Department reported for June, along with the drop in the unemployment rate to 6.1 percent, as good news. And they were right. For now it appears the economy is creating jobs at a decent pace. We still have a long way to go to get back to full employment, but at least we are now finally moving forward at a faster pace.

P2However, there is another important part of the jobs picture that was largely overlooked. There was a big jump in the number of people who report voluntarily working part-time. This figure is now 830,000 (4.4 percent) above its year ago level.

P3Before explaining the connection to the Obamacare, it is worth making an important distinction. Many people who work part-time jobs actually want full-time jobs. They take part-time work because this is all they can get. An increase in involuntary part-time work is evidence of weakness in the labor market and it means that many people will be having a very hard time making ends meet.

P4There was an increase in involuntary part-time in June, but the general direction has been down. Involuntary part-time employment is still far higher than before the recession, but it is down by 640,000 (7.9 percent) from its year ago level.

P5We know the difference between voluntary and involuntary part-time employment because people tell us. The survey used by the Labor Department asks people if they worked less than 35 hours in the reference week. If the answer is “yes,” they are classified as working part-time. The survey then asks whether they worked less than 35 hours in that week because they wanted to work less than full time or because they had no choice. They are only classified as voluntary part-time workers if they tell the survey taker they chose to work less than 35 hours a week.

P6The issue of voluntary part-time relates to Obamacare because one of the main purposes was to allow people to get insurance outside of employment. For many people, especially those with serious health conditions or family members with serious health conditions, before Obamacare the only way to get insurance was through a job that provided health insurance.

P7However, Obamacare has allowed more than 12 million people to either get insurance through Medicaid or the exchanges. These are people who may previously have felt the need to get a full-time job that provided insurance in order to cover themselves and their families. With Obamacare there is no longer a link between employment and insurance.