Ed Diener coined the term subjective wellbeing as the scientific definition for one’s own assessment of satisfaction with life, and the extent to which you are fulfilling your potential and leading a life that you value. This led to the introduction of the Satisfaction With Life Scale in 1985, and it remains the most widely used measure of wellbeing in the world, sitting at the heart of the Huber Social Wellbeing Measurement Framework.

In the pursuit to measure social value we must not get carried away and overlook and oversimplify how this is to be achieved. Otherwise we risk establishing a new economy that may create as many issues as it seeks to address.

Just as longitude is needed alongside latitude, we need to measure Wellbeing alongside economic growth to navigate the progress of humanity.