Per capita GDP is often used by economists and the economic policy community as a relative indicator of well-being. However, GDP measures only monetary exchanges of goods and services within a society; it is an average measure and therefore ignores the asymmetrical distribution of wealth within a country.

Moreover, there is growing consensus within the social sciences literature that there are diminishing returns to happiness from increases in income and, in some cases, zero returns above certain thresholds (Frey and Stutzer, 2002; Easterlin, 2003).

Most academics, practitioners and policymakers agree that the basic constituents of objective well-being should include such physical aspects as adequate nourishment, clean and safe housing, clean water for drinking and personal hygiene, education and personal security.