Many believe that the lack of correlation between happiness and income, first discovered by Richard Easterlin in 1974, entails the conclusion that well-being policies should be made based on happiness measures, rather than income measures. I argue that distinguishing between how well-being is characterized and how that characterization is measured introduces ways of denying the conclusion that policies should be made based on happiness measures. It is possible to avoid the conclusion either by denying that well-being hedonism is true or (...) by denying that happiness measures are a better way of operationalizing hedonism than income measures are. By making these possibilities explicit, we find that less hinges on whether income and happiness are correlated than is often thought. (shrink)