It doesn't take a degree from Oxford to understand that a nation's average income -- even after adjustments for purchasing power, to make international comparisons more relevant -- is an inadequate measure of comparative well-being. That reality has inspired numerous attempts to create a better measure. The latest, most comprehensive, and arguably most insightful, is the Legatum Institute's Prosperity Index for 2012, released just last week. I can't claim utter objectivity here: I've been a consultant to the Legatum Institute. I suspect, though, that you won't need much convincing to be captured by this ambitious effort.