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The psychological condition of happiness is normally considered a paradigm subjective good, and is closely associated with subjectivist accounts of well-being. This article argues that the value of happiness is best accounted for by a non-subjectivist approach to welfare: a eudaimonistic account that grounds well-being in the fulfillment of our natures, specifically in self-fulfillment. And self-fulfillment consists partly in authentic happiness. A major reason for this is that happiness, conceived in terms of emotional state, bears a special relationship to the self. These arguments also point to a more sentimentalist approach to well-being than one finds in most contemporary accounts, particularly among Aristotelian forms of eudaimonism.