The problem of the essence and measurement of well-being

Well-being is becoming an increasingly popular issue in economics. The aim of the article is to present the concept of well-being and the methods of its measurement and to examine the statistical significance between the results obtained by specific indicators. The article was written based on the meta-analysis of the books and scientific papers on the subject, as well as well-being and welfare measurement reports. The study shows that there is a very wide range of theories and concepts related to well-being which are sometimes exceptive. The most important conclusion from the study is that the correlation between welfare and well-being represented respectively by GDP and HDI is very strong, while the correlation between welfare and life satisfaction as well as well-being and subjective well-being are negligible.