Quality if life ... the pursuit of happiness ... is enshrined in the US Constitution. While the highest priority of mankind is to survive, after that, happiness is a critical driver of what is done. Money, as a proxy for happiness, has not done very well ... but it is money, more than happiness that is the main metric in modern accountancy and economics. TVM incorporates quality of life and happiness into its framework of performance metrics.
Bhutan. It is noteworthy that the small country of Bhutan has chosen to move beyond using GNP as its measure of economic performance to a National Happiness Index. Imagine how things would change if China, India, Brazil and the G8 all were to embrace happiness as the primary goal of national economic policy!
It has been said that modern capitalist market economics is simply about more and more and more ... and there is an element of truth in this. If this is applied as the core economics of the planet, it is a formula for disaster. Quality is as important as quantity. Value that produces happiness is more important than mere growth and money profit. Productivity and efficiency ... and an adequate sufficiency for everyone's reasonable needs. None of this is out of reach ... but the metrics must help. Playing the game with the wrong scorekeeping system will not get the job done.