In this paper we analyze the non-instrumental dimension of social capital and its effects on subjective well-being. In the first part, we define the characteristics of production and consumption of relational goods. The second section analyses the influence of the different expressions of relational goods and social capital on individual subjective well-being. In the third, we test the explanatory power of this variable on the Easterlin’s paradox using the results of a survey on individual social capital in Spain. The main findings from the empirical analysis for Spanish society allow us to strengthen the hypothesis. We found a weak explanatory capacity of income or educational level or instrumental dimensions of social capital (expert mobilization) while a strong link between expressions of relational goods (domestic mobilization, household stability, partnership, trust and security in the environment) was found.
