Economics and the Experience of Being Well: A Necessary Reunion

Economics originated as a discipline deeply concerned with human happiness. Early economists, trained in ethics and political philosophy, placed the study of happiness at the center of their inquiry. During the 20th century, however, the field underwent a decisive shift toward objectivism, formalism, and behaviorism, privileging the study of choice and the expansion of income, at the expense of the focus on wellbeing. This trajectory left economics with weak wellbeing foundations, limiting its ability to address current social challenges and to contribute to enhancing people’s experience of being well. Recognizing these limitations, a growing body of research has reintroduced the study of happiness into economics. This paper argues that this development signifies more than the inclusion of a new variable; it constitutes a paradigm shift resting on alternative ontological and epistemological premises regarding economics and its subject of study. The paper reviews early economic interest in happiness, traces the paradigm shift associated with welfare economics, identifies its foundational limitations, and examines the opportunities emerging from the reunion of economics and wellbeing. Special attention is paid to the ontological and epistemological underpinnings of the emerging framework, which positions the experience of being well at the center of economics inquiry and purpose. Reflections on the direction of the nascent research agenda are also offered.