We begin with the theoretical and empirical foundations of happiness economics, in which the aim of economic policy is to maximize self-reported happiness of people in society. We also discuss the economic correlates of self-reported happiness. We outline some of the key insights from the literature on behavioral industrial organization, such as phishing for phools and the effects of limited attention on the pricing decisions of firms. When products have several attributes, we explain how some might be more salient than others. We also explain the effects of limited attention on economic outcomes. We introduce the basics of complexity economics. Here, people use simple rules of thumb and simple adaptive learning models in the presence of true uncertainty. We show that the aggregate systemwide outcomes are complex, characterized by chaotic dynamics, and the formation of emergent phenomena. The observed fluctuations in the system arise endogenously, rather than from stochastic exogenous shocks. We introduce two kinds of learning models – reinforcement learning and beliefs-based learning. Finally, we critically evaluate the literature on competitive double auction experiments.

The system accounts in the previous chapters provide a description of the developments of the environment, society and economy as well as the distribution. But the accounts do not answer the question: Are things getting better? In the Global Quality Accounts (GQA), the data from the system accounts are assessed using a quality perspective. In economics, welfare economics and the capital approach are most common, but there are many others as well, from social sciences or natural sciences. There is no perfect approach, just multiple ways of looking at systemic progress. Each of the systems leads to a quality indicator, which provide society with different views.

The previous chapters have shown that there is one powerful community (“the GDP multinational") which is being challenged by a heterogeneous and weakly organised community (“the Beyond-GDP cottage industry). The ever-expanding range of Beyond-GDP initiatives will not lead to success however. A new strategy is based on the GDP success story and aims to create an institutionalised community with a clear goal and coherent structure based on a common language. The chapter argues that the community should not be based on the SDGs, green accounting or the SEEA. It also argues that the community should not be based on economic terminology and theory but rather on multidisciplinary building blocks such as stock/flow accounting, networks and limits. The aim of the community is to enhance well-being and sustainability and one of its most important features is its common language: the System of Global and National Accounts (SGNA). The SGNA has four system accounts (environment, society, economy and distribution), which describe how the systems are developing. However, this does not yet tell people whether the developments are good or bad. This is left to the quality accounts.