Beyond GDP

"We ought to rename GDP so it becomes clearer what it is — Gross Domestic Transactions, the commotion of money in the economy," said Eric Zencey, professor of historical and political studies at Empire State College. "We can make the money go faster, we can make there be more money, but that doesn't necessarily lead to more improvements in well-being."

So the question is "what is the most important 'improvements in well-being' of oneself"?

Thirty years ago, Bhutan's former King said he valued his people's "gross national happiness" far more than he did its gross domestic product. His offhand remark, tied to the nation's Buddhist roots, unwittingly launched an international movement.

A matrix of nine domains and 72 indicators have been crafted, ranging from "psychological well-being," "time use," and "living standards."