Two new reports out this week present government policymakers with informative but confusing insights on public perceptions. The United Nations issued its seventh “World Happiness Report,” and the OECD issued a first “Risks that Matter” tome. The volumes rely heavily on personal opinion surveys in various countries. The U.N.’s report developed out of frustration by countries whose economies grew too slow to continue reliance on gross domestic product (GDP) as the metric for satisfaction in life. Since money can’t buy love, income inequality is too narrow as a measurement. Bruce Meyer at the University of Chicago concurs that income is a poor guide, especially since consumption inequality has declined for...

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