As a thought-experiment, and just because I knew it would be hard, I went about attempting to define a metric that captures well-being...of the kind that Moldbug would want for his CEO-autocrat:
It has to be a weighted average.
It has to include both economic growth and violence measures
It has to disincentivize Kleptocracy.
It has to be realistic (Ethnic swedes get better outcomes on violence and income than ethnic nigerians, regardless where they live)
mean + median + mode are all important
So is success differential vs. world-average per demographic group.
Measure lifespan and income (in whichever way disincentivizes larger families less)
As a Cartesian product, that's an 8-factor measurement that should capture things.
I haven't captured happiness measures. Autonomy, charity and physical activity, and physical pain (chronic pain is bad juju, and a lot [most?] of medicine exists for this purpose alone) are my best guesses for things to actually measure for well-being beyond wealth, but I'm not sure how to measure any of those well. (% of hours in a year on charity and activity? % of decisions felt to be in my control for autonomy? ).
I haven't captured justice measures, and I think that under my measure self-defense becomes bad because average lifespan reduction dominates crime reduction there.
Do I think I'm right? No. I mostly just wanted to suggest that the problem was hard, and maybe get some of my smart commentariat thinking on it.