Indeed. But the feeling of well-being is not absolute, but relative to you socio-economic context. The average American is manitudes better off now than 200 years ago, in absolute terms. But are they just as many magnitudes more happy? No. Depending on study, happiness is significantly less.
It's not at all clear that maximizing absolute quality of life is the best ultimate goal.
It's not at all clear that maximizing absolute quality of life is the best ultimate goal.