From National Accounts to Life Accounts: Analyzing Well-Being

Contemporary economic systems based on GDP precisely track monetary flows but often ignore the real quality of human life. This article explores the evolution from traditional NIPA indicators to modern methods of measuring well-being, such as the National Time Accounts. The authors analyze innovative tools, including the U Index and the Day Reconstruction Method (DRM), which allow for the measurable capture of subjective experiences and emotions. The text addresses the issues of affective poverty and misfortune accounting, pointing to the need to consider biological correlates in assessing civilizational success. The presented models of time management serve as the foundation for a new perspective on what makes life worthwhile beyond pure material gain.