Furthermore, market incentives such as profit-seeking, crowd out non-market values, such as altruism, causing market economies to produce market societies where material values dominate all aspects of life ( Sandel, 2012 Satz, 2010). This facilitated the process of the economy becoming disembedded from the social and ethical realms through the process of commodification ( Polanyi, 2001). However, with the rise of the utilitarian philosophy in Europe in the 19th century, well-being became synonymous with individual hedonistic pleasure and desire-fulfilment. In turn, economic activity is understood as being embedded in the domains of morality and ethics. At the core of these understandings is the belief that living well entails living virtuously. Some of the most prominent understandings of well-being in the Greek, Christian and Muslim traditions include eudaemonia, felicitas and saʿ ādah, as discussed by the likes of Aristotle, Aquinas and al-Ghazāli, respectively. A basic definition of well-being is “the state of being comfortable, healthy or happy” ( Oxford Living Dictionaries, 2018). While the improvement of human well-being can be considered a primordial individual and collective goal, its precise meaning and the means of achieving it have differed. The meaning of well-being and the means towards its improvement have been at the heart of intellectual enquiry from ancient philosophical and religious traditions, to modern natural and social sciences. The full terms of this licence may be seen at Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. This article is published under the Creative Commons Attribution (CC BY 4.0) licence.
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