Measuring well-being is a commonly advocated move in monetary reform and other accounting reform. It is rare to agree on it very objectively - it is even more controversial than natural capital measures.
When applied in the monetary policy system used to determine when new currency is created, these become the most powerful form of moral purchasing - in effect, if people spend their money to destroy well-being, the total money supply decreases, and inflation occurs. If they spend it to increase well-being, the total money supply increases, and the value of money increases and purchases more well being per each unit of account.
See w:measuring well-being for a more general discussion of methods in use.