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Welfare is an economic term used to describe the state of well-being of humans on an individual or collective basis.

Gross National Happiness (GNH)

The concept of Gross National Happiness (GNH) was already mentioned in the section on economic value, as an attempt to define an indicator that measures the quality of life in a holistic way than its commercial counterpart GDP. Bhutan’s former King Jigme Singye coined the term.

Added value

Added value is a procedure that increases the worth of a product or raw material through transformation and processes.

Human capital

Human capital generally refers to the well-being, health and productive potential of individual people and includes physical and mental health, education, motivation, and professional skills.