This review essay offers an institutional critique of the Stiglitz-Sen-Fitoussi Report. The notion of human capabilities and functionings advocated by the Report demonstrates an inspirational perspective to monitor human progress in quality of life (QoL). Several measurements the Report suggested remain inadequate. The personal diary techniques have some potential as it possesses strength in recording hedonic activities, but it is relatively weak in revealing eudaimonic experiences. The Report unfortunately mixes up outcome indicators of QoL at individual level and the higher-ordered, social institutions in mapping out causal processes of human wellbeing. Future researchers can contribute by concentrating on clarifying the plausible linkage between institutions and individual wellbeing in broad sense. There is much knowledge to be gained by researchers who ask questions of "how we can change" rather than answer to "what we can measure".