The UK office for National Statistics has identified the things that matter most for happiness as "health, relationships, work, and the environment" - a list that tallies closely with our basic goods. Given that our lives have not noticeably improved in these respects since 1974 it is hardly surprising that we do not feel any happier. Are we then suggesting a return to living standards of 1974? Not necessarily, for the luxuries acquired since then may, even if they have added nothing to our real well-being, be painful to forgo. This is an instance of the general truth that damaging social changes cannot always be rectified simply by being reversed, any more than a man flattened by a steamroller can be restored to life by being run over backwards. What we are saying is that the long-term goal of economic policy should henceforth not be growth, but the restructuring of our collective existence so as to facilitate the good life.