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However, "measured" material well-being tells only part of the story. In many
circumstances, "personal" and Quality of Life attributes and recourses make
one nation or society an appealing place to live, raise a family, visit or trade
with.
The term was coined in 1972 by Bhutan's former King Jigme Singye
Wangchuck, who has opened up Bhutan to the age of modernization. He
used the phrase to signal his commitment to building an economy that would
serve Bhutan's unique culture based on Buddhist spiritual values thereby
developing a sophisticated survey instrument to measure the population's
general level of well-being. Like many psychological and social indicators,
GNH is somewhat easier to state than to define with mathematical precision.
References:
Wikipedia.