This paper explores how well-being can be promoted in Higher Education Institutions (HEIs) through Economic Science. It advocates for a transition to a ‘welfare economy’ that prioritizes social justice, sustainability, and equitable resource allocation, challenging the traditional neoclassical economic model by emphasizing human needs over mere growth. Implementing a well-being economy requires a comprehensive approach that integrates social, health, cultural, equity, and environmental outcomes into economic policies. A bibliometric analysis of studies from 2000 to 2023 reveals that HEIs are adopting well-being initiatives through programs like the Healthy Universities Programme, aligning with the Capabilities Approach, which emphasizes human development and health equity as essential to well-being. However, health and well-being remain secondary concerns in the core mission of HEIs, presenting a significant challenge that necessitates greater political support and investment from these institutions.