Measuring Happiness and Well-Being

Happiness is defined as how individuals feel about their lives, encompassing satisfaction and fulfillment. Psychological research has enabled effective measurement of happiness through questions assessing overall life satisfaction, which correlate with various life outcomes such as longevity and job retention. This insight empowers policymakers, as enhancing life satisfaction can become a key strategy for political success, alongside traditional economic metrics like GDP. Consequently, a shift towards considering well-being as a critical measure of societal success is emerging, with institutions increasingly recognizing its importance.