Is there a formal definition or measure of wealth that captures the notion that with improving technology "life gets better"?
A stupid example of what I mean would be the invention of the iPhone. I know that with the iPhone new markets were and new profit possibilities were created and in that sense the economy got richer. That effect could be measured by let's say the GDP. But apart from that I can now watch Netflix on the bus or text people everytime, everywhere. So personally my life got a whole lot more pleasant.
Also is there an accepted connection between innovation and "wealth" in the sense that I described above?