By Emmanuel Asomba. Well-being economics can provide a conceptual foundation for freedom of choice and quality of life to revamp such neo-classical yardsticks as utility, income and commodities. For governments in Latin-America, effective measures and mechanisms require an integration of a life-satisfaction concept to understand the well-being of citizens. In many aspects of life, a person’s perception of well-being is subjective, thereby broadening the differences across socio-economic and demographic groups. More...