Well-Being for Public Policy

Abstract The case is made for implementing national accounts of well-being to help policy makers and individuals make better decisions. Well-being is defined as people's evaluations of their lives, including concepts such as life satisfaction and happiness, and is similar to the concept of “utility” in economics. Measures of well-being in organizations, states, and nations can provide people with useful information. Importantly, accounts of well-being can help decision makers in business and government formulate better policies and regulations in order to enhance societal quality of life. Decision makers seek to implement policies and regulations that increase the quality of life, and the well-being measures…