Is the study of Happiness a Worthy Scientific Pursuit?

Previous thought on happiness concluded that investigation into this area was indulgent, and the in the instance of maslow's hierarchy, lower level needs (safety, survival, belonging) were more pertinent and achievement of those would ultimately lead to happiness.
Set point theory – individual happiness levels are static despite external circumstances
Is the pursuit of happiness a luxury when viewed against suffering?
scientific definition could be a) cognitive component overall life satisfaction b) affective (concerned with the change of emotions) : contrasting positive/negative affective attributes

Definitions

Hedonistic - good experiences and sense pleasure outweigh painful experiences

Eudaimonic - realisation of personal potential

full happiness occurs when life activities coincide with most profound personal values resulting in authentic experiences and aliveness

autonomy, growth, self-acceptance, life purpose, environmental mastery, positive relation to others are the key aspects of fulfilling ones 'daimon'

happiness does not result from the pursuit of pleasure but by addressing many aspects of ones personality

pleasant life - maximises pleasure & positive experiences

good life - develop key abilities in activities one has deep interest in

meaningful life - developing strengths in activities that contribute to experiences outside themselves, ie the community

Flow theory can be integrated into a possible pathway to happiness, where flow is the deep engagement in an activity where peak experience occurs from accomplishing a clear goal, intense concentration, loss of time -- expanding experience of happiness beyond a pleasure state

Happiness Set Point

Despite changes in circumstance, happiness levels generally remain the same

Humans have a tendency to rapidly adapt to new environments "hedonic treadmill"

Initial evidence of this contrasted lottery winners to paralysis victims who returned to their general states of being after a time

Recent developments in this theory:

set points are believed to be above neutral, with most people being relatively happy most of the time
set points are unique to everyone
+/- affect have unique set points
drastic life events change happiness levels
adaptability varies depending on individual coping strategies