This article critically examines the adequacy of the gross domestic product (GDP) as the sole indicator of economic and social well-being, proposing the need to integrate more holistic approaches in development assessment. It is argued that while GDP reflects the economic capacity of a nation, it fails to address fundamental aspects such as environmental impacts, human rights and cultural variables. The adoption of gross national happiness (GNH) by countries like Bhutan and Myanmar is mentioned as a pioneering approach that evaluates the quality of life from holistic and psychological perspectives, significantly distinguishing itself from the traditional GDP. Furthermore, the human development index (HDI) is discussed as a more inclusive indicator, encompassing dimensions such as life expectancy, education and income level, thereby providing a more comprehensive metric for human progress. This approach stands in contrast to the limitations of GDP by offering a more complete picture of human development. Consequently, the article advocates for a new economic paradigm that transcends the traditional focus on GDP and seeks a more thorough and sustainable understanding of human well-being, adapting to the challenges and opportunities of the 21st century.