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Few would dispute that the well-being of individuals is one of the most desirable aims of human actions. However, approaches on how to define, measure, evaluate, and promote well-being differ widely. The conventional economic approach takes income (or the power to acquire market goods) as the most important indicator for well-being, and the utility function as the formal device for positive and normative analysis. However, this approach to well-being has been questioned for being seriously limited and other approaches have arisen.
The capability approach to well-being, which has been...