Education in Taiwan has been emphasizing applied knowledge since the 1960s when manpower planning was considered as a part of economic plans promoting economic development. While ethics has been ignored to a great extent, not enough attention has been given to humanities and liberal education in the system. The results are declining public morality and social instability which combine to upset economic development. The late premier Sun Yun Shian had regretted that he helped people make money, but failed to bring them happiness. The writer here argues that wealth alone can not make people happy. Happiness is a function of 4 valuesΚ economic value, social value, spiritual value and ethical value. All values come from the satisfaction of human wants and are therefore demanded and treasured. He presents in this paper a comprehensive educational system that cultivates students for all 4 values.