Happiness and well-being have both played a rich role in the history of value theory and ethics. According to prominent versions of utilitarianism happiness and/or well-being is what we have a moral obligation to promote or even maximize. Despite the centrality of these concepts, there is no general consensus about what either happiness or well-being consist in, or exactly what the relationship between them is. I take my cue from a broadly Meinongian theory of emotions, as mental states that involve presentations of value. This theory yields a rather natural account of happiness and its relation to well-being. This yields an answer to the question that is the title of this talk. However, this answer may come as a surprise to some. It turns out that happiness is not an intrinsically good thing, and, even if consequentialism is correct, we have no obligation to pursue it or promote it, let alone to maximize it.