Toward National Well-Being Accounts

@article{Kahneman2004TowardNW,
  title={Toward National Well-Being Accounts},
  author={Daniel Kahneman and Alan B. Krueger and David A. Schkade and Norbert Schwarz and Arthur A. Stone},
  journal={The American Economic Review},
  year={2004},
  volume={94},
  pages={429-434}
}
Economists have traditionally eschewed direct measures of well-being on methodological grounds: the private nature of experience and the discomfort of making interpersonal comparisons. Instead, income is often used as a proxy for opportunities and well-being. If people are not fully rational, however, their choices will not necessarily maximize their experienced utility, and increasing their opportunities will not necessarily make them better off (Kahneman, 1994; Cass R. Sunstein and Richard… 

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