The 1987 report by the World Commission on Environment and Development (1987), also known as the Brundtland Commission, defined sustainable development as meeting the needs of the present without compromising the ability of future generations to meet their own needs . This definition underscores the importance of balancing economic, social, and environmental factors in development. Well-being, in its broadest sense, should integrate and balance these three aspects, suggesting that achieving it requires selflessness in a context of limited resources. There exists ambiguity in the term well-being. McGregor and Pouw (2017) proposed that for the individual there are three dimensions of wellbeing namely a material dimension, a relational dimension and a subjective dimension. Individuals as agents in the economy will make choices to reach the maximum utilisation whilst balancing these three dimensions. By implication, agents are not acting in isolation and their actions will influence the lives of others. Thus, people do not just seek to live well in terms of improving their own individual well-being, but that they must seek to live well together with others. Overall, we see that the subjective dimension primary contributes to the ambiguity. This subjectivity is described by Haybron and Tiberius (2015) as a multifaceted concept that should be understood and promoted in line with the individuals’ own values and conceptions of what makes life good for them. The authors promote ”pragmatic subjectivism” as an approach to well-being where individuals contribute to policy making with their views on values and well-being. The focus on personal welfare and values is crucial for well-being policy to be effective. It calls for policies that genuinely promote citizens’ well-being as they themselves understand and value it. While respecting individual values in a democratic society is essential, it is also important to acknowledge potential challenges to this approach. Firstly, competition exists between households and companies for scarce resources such as nature, land, clean air, and water. Additionally, the Tragedy of the Commons illustrates how an excessive focus on individual well-being can lead to the neglect of common goods and shared resources. This risk is heightened by the difficulty in identifying genuine values amidst societal pressures, marketing, and other external influences that shape individuals’ expressed preferences and values. A well-being economy is founded on the principle that the economy’s core purpose is to serve both people and the planet. Creating such an economy requires ensuring that everyone has access to sufficient resources to lead a dignified and fulfilling life. 18 4.1 Enhancing Household Well-being
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