The modern economist sees well-being as being provided by the stuff you buy and consume. And I think most people would agree that well-being, happiness, satisfaction doesn't come from stuff. But there was a lot to it originally where, in 1800, and not in 1900, material prosperity was really important to improve. So it made sense for people to focus heavily on material things.
Philosopher and author Daniel Haybron of St. Louis University talks about his book, Happiness, with EconTalk host Russ Roberts. Happiness turns out to be a little more complicated than it sounds. Haybron discusses the good life and different philosophical perspectives on how to achieve happiness.