INTRODUCTION:
The significance of well-being is recognized throughout the history, across different
economies, cultures and nations, and in the present research. Its importance cannot be
denied in any society. However, since the ancient times it has been a question of great
interest for the researchers that what constitutes the well-being.
In olden times and in economies worldwide, well-being was a disentangle concept as it
was related to material aspects only. Individual considered income as welfare or
contribution to the well-being that money helps in the purchase of goods and services. In
other words; well-being was assessed by the use of income. Therefore, it makes it very
challenging to evaluate well-being at aggregate level as individual’s assessment regarding
the utility acquired from the income will vary. But, since the individual preferences are
unveiled by the market which is used as a substitute, therefore, GDP seems to be a helpful
indicator. It was considered to be the sole indicator for measuring the well-being.
However, in a world of endless opportunities, options, chances and choices, reliance of
well-being on the material aspects would be insufficient and inadequate. Therefore,
well-being casts its shadow on the other aspects of life that are considered to be essential
elements for leading a worthy life. These aspects were called as objective measures. Over
the recent decades, well-being takes into account the subjective aspects of well-being in
addition to objective measures.
Well-being is a broader concept. It can be viewed from individual as well as collective
perspective allied with material and immaterial needs. It is now assumed that
