Social welfare is a central topic in Economics and other social sciences. Unfortunately, aggregate market-based indicators (GDP most notably), and not well-being measures, have traditionally guided policy decision making. The flaws of GDP are well known to economists (see Stiglitz et al. 2010) and there is growing consensus that the excessive political emphasis on aggregate market transactions is misplaced. Human and not economic development should be the ultimate goal of society. Furthermore, human development has a positive impact on economic growth, while the opposite is not necessarily true (Ranis and Stewart 2000). QoL measures can offer better guidance to policy making, since they summarize information about the many different dimensions of life that contribute to human development, welfare and, at the same time, sustainable growth.