Is economic growth the only measure of future well being?

I am not alone in thinking one of the causes of the current crises (financial, government debt and recession) is at least partially due to our focus on 'economic growth' as an indicator of how well we -as 'nations', companies and persons- will improve and be able to develop in the future.

People more intelligent than I have offered alternatives to 'GDP' (Gross Domestic Product, or the economic value created by a nation in a specific timeframe). Nobel Prize winner Joseph Stiglitz even got commissioned by French president Sarcozy to write a report on potential alternatives. With no obvious results, since we're still panicking whenever a decline in economic growth (a recession) is at our door.

In a recent report the World Economic Forum goes a bit more practical, and proposes to swap the notion of economic growth with a measurable notion of 'well being' -which it defines as a mixture of effective work, families and communities, each of these containing opportunities we might not be fully aware of.

Interesting document:

Bytheway, here is a summary of Stiglitz' recommendations for a new way of measuring growth: