The ultimate goal of all human activity is happiness; happiness like other goals must be managed to be achieved. Thus, happiness management is an established business practice. To further promote opportunities for happiness, the novel general theory presented integrates three additional realms, parents, governments, and the self. The theory's generality is based on the idea that, regardless of culture, religion or gender, happiness in adulthood is a function of two principles: (a) both hedonic and eudaimonic components are required, and (b) active production is needed to transform attention, time, effort, and money into hedonic and eudaimonic capital in both the work and leisure spheres. In adulthood these forms of capital are produced when each "happiness manager" creates appropriate opportunities. In childhood, parents and governments affect these opportunities directly by making decisions regarding cognitive and non-cognitive skills, emotional health, autonomy, and beliefs acquired at home and/or at school. Later, parents become happiness advisers for adults, while governments affect individuals' propensity to invest in capital through their conduct and public expenditures. The theory predicts that faulty management that is detrimental to the accumulation and preservation of capital stock can cause happiness turbulence throughout the life cycle (e.g., mid-life crisis). The motivation to engage in happiness management emerges from the third principle proposed: that individual happiness spills over. It carries objective benefits for the self, business performance, governments and society. Thus, proper happiness management could result in higher level of happiness for a larger number of people.