In this paper, I propose that we abandon the concept of Gross National Product (GNP) to measure wealth, and that instead we follow the Buddhist country of Bhutan’s example by measuring wealth through Gross National Happiness (GNH). I begin by examining what happiness is from a Buddhist perspective and demonstrate that it is linked to the law of Interdependent Co-arising. I argue that consumer societies go against this definition of happiness, because they rely on people’s egocentric desires and overall dissatisfaction in order to be sustainable. In contrast, Buddhism offers compassion and mindfulness as a means to happiness. Drawing on many sources about Buddhism, as well as various sociological, psychological and scientific works, I investigate the relationship between the happiness of the individual and the happiness of society as a whole, and demonstrate that inner cultivation – rather than material gratification – is the means to ensure a peaceful community. In order to encourage inner cultivation on a national scale, I propose that we use societal elements such as politics, the family, education and popular culture to promote compassion and mindfulness. It is demonstrated that by doing this, positive seeds will be planted in the consciousness of individuals and society in general, making happiness and peace a real possibility. I also investigate whether or not Buddhist concepts can be taught independently of the Buddhist tradition, and come to the conclusion that because of its adaptability, this is certainly a possibility. Finally, I take a critical stance on the mistaken belief that the Buddhist goal of inner contentment will make individuals and society monotone. Instead, I demonstrate that Buddhism encourages individuals to experience life to the fullest.