Happiness is a question that is as old as civilization.
It has been conceived in various ways, the most well known being that of Aristotle as the central question of politics and thereby the organization of the polis.
The representative democracy of United States of America, about 2000 years after Socrates and the direct democracy of Athens, has left the question of happiness to the individual as an implied consequence of life and liberty in its Declaration of Independence.
Neither Athens nor Washington, however, has answered the question yet. What is happiness?
Happiness is satisfaction derived from consumption. Maximum satisfaction is derivable from consumption only when the quality of consumption is high. Therefore, happiness is the quality of consumption, consumption being the physical consumption of food and drink, goods, and relationships with people (or services) and nature. Satiation is reached when maximum satisfaction is derived.
Utility maximization without satiation at any quality of consumption diminishes intervals between repeated consumption. Higher consumption quality makes reaching satiation sooner. The higher the quality of consumption, the fewer units of a good or service are consumed. The purpose of technology is, thus, to raise the quality of consumption while reducing the rate of depletion of resources or achieving sustainability.
In economic terms, the effective market size is unity (or 1) and the size of government is optimized to a minimum to ensure maximum liberty as the best form of organization of the oeikos and polis.
Happiness is to each his own.