The happiness literature has forced economics to recognize the importance of non-material goods on the well-being of individuals and societies. There is now evidence that non-material realities have a direct and strong impact on well-being (see, for instance, Bruni and Stanca (2008) and Becchetti et al. (2008) on relational goods, Helliwell (2001, 2006) on social capital, Frey and Stutzer (2000, 2006) on institutional quality). Relational goods stand as one of the most important non-material goods, due to its impact on well-being and ubiquity on different life domains. Nevertheless, traditional economic policy tends to emphasize the gains from enhanced market competition, focusing on the effects on material goods. With this paper we try to analyze the impact of competition enhancing policies on the well-being of societies once its impact on relational goods is accounted for. We compare three different ways of assessing such impacts: happiness equations, capabilities framework and formal/theoretical economic models. We finish analyzing which methodology best suites relational goods’ assessment and comparing the consequences for policy design of the chosen methodology.