A good life is both forward-looking, being a life worth living, backward-looking, being a life well-lived, and present-oriented, being a life that is enjoyable.

Truly good economics means that the actions of and exchanges between individuals, organizations and society have extended and synergetic effects to make a good life for all.

Whereas wellbeing can be construed as cognitive and physical dimensions of a good life, happiness as affective and emotional dimensions of a good life, and welfare as the goodness of state of community and society, they are highly interdependent and intertwined.

Wellbeing increases happiness, and happiness contributes to wellbeing. Welfare, in turn, is both a means to maximize people’s wellbeing and happiness, and dependent on people being so, as people who feel well and happy contribute more to society.