This paper examines the relationship between economic performance and happiness, using data from Western countries. It finds that while economic growth may not significantly increase happiness, unemployment is a major source of unhappiness. In industrialized countries, well-being appears to rise with real income, but the increase is small. Unemployment, however, is a large source of unhappiness, suggesting that reducing joblessness is more important than increasing economic growth. The paper also finds that suicide rates are not necessarily linked to economic growth, and that job satisfaction has not increased significantly in the US and UK. Overall, the paper argues that economic growth may not buy much happiness, and that unemployment is a more significant factor in well-being. The findings suggest that policies aimed at reducing unemployment may be more effective in improving well-being than those focused on economic growth. The paper also highlights the importance of considering subjective well-being and mental health in economic policy.This paper examines the relationship between economic performance and happiness, using data from Western countries. It finds that while economic growth may not significantly increase happiness, unemployment is a major source of unhappiness. In industrialized countries, well-being appears to rise with real income, but the increase is small. Unemployment, however, is a large source of unhappiness, suggesting that reducing joblessness is more important than increasing economic growth. The paper also finds that suicide rates are not necessarily linked to economic growth, and that job satisfaction has not increased significantly in the US and UK. Overall, the paper argues that economic growth may not buy much happiness, and that unemployment is a more significant factor in well-being. The findings suggest that policies aimed at reducing unemployment may be more effective in improving well-being than those focused on economic growth. The paper also highlights the importance of considering subjective well-being and mental health in economic policy.