This chapter addresses three interrelated elements in theorizing wellbeing. The first element is diagnostic, namely, how far have different formulations of wellbeing take us in providing an adequate theorization that is supported by reliable methods and empirical data. In developing this position, it is argued that the two central perspectives that attempt to explain subjective wellbeing as either (i) a construct of mental states or (ii) a case of preference satisfaction are one-sided and should be treated with caution. Against both the psychometric approach of social indicator research and the measurement-theoretic of economic science, a more grounded sociological approach is advanced that draws on phenomenology. It is for this reason that...