The transformation of wealth into well-being has been a central point in some of the main protagonists of the economic tradition. In particular, from Malthus to Sen, the Cambridge economic tradition paid special attention to non-economic domains important for human happiness, and to the effects of economic choices over general well-being. Marshall was the bridge between the classical reflection on happiness in the eighteenth century and the recent debates on the ‘paradoxes of happiness’, where we find again some of the issues of classical and neo-classical economics, which have been forgotten by the mainstream.