Let us, however, resume our discussion from the point at which we digressed. To judge from the lives that men lead, most men, and men of the most vulgar type, seem (not without some ground) to identify the good, or happiness, with pleasure; which is the reason why they love the life of enjoyment. For there are, we may say, three prominent types of life- that just mentioned, the political, and thirdly the contemplative life. Now the mass of mankind are evidently quite slavish in their tastes, preferring a life suitable to beasts, but they get some ground for their view from the fact that many of those in high places share the tastes of Sardanapallus. A consideration of the prominent types of life shows that people of superior refinement and of active disposition identify happiness with honour; for this is, roughly speaking, the end of the political life. But it seems too superficial to be what we are looking for, since it is thought to depend on those who bestow honour rather than on him who receives it, but the good we divine to be something proper to a man and not easily taken from him. Further, men seem to pursue honour in order that they may be assured of their goodness; at least it is by men of practical wisdom that they seek to be honoured, and among those who know them, and on the ground of their virtue; clearly, then, according to them, at any rate, virtue is better. And perhaps one might even suppose this to be, rather than honour, the end of the political life. But even this appears somewhat incomplete; for possession of virtue seems actually compatible with being asleep, or with lifelong inactivity, and, further, with the greatest sufferings and misfortunes; but a man who was living so no one would call happy, unless he were maintaining a thesis at all costs. But enough of this; for the subject has been sufficiently treated even in the current discussions. Third comes the contemplative life, which we shall consider later.
The life of money-making is one undertaken under compulsion, and wealth is evidently not the good we are seeking; for it is merely useful and for the sake of something else. And so one might rather take the aforenamed objects to be ends; for they are loved for themselves. But it is evident that not even these are ends; yet many arguments have been thrown away in support of them. Let us leave this subject, then.
This is a further consideration of the Opinions of the Wise on the subject of 'what is happiness?' Of surprisingly contemporary import is Sardanapallus, who is not especially famous today but was a legend in Aristotle's time. Maybe literally: we don't know that he really existed, and there are some reasons to doubt it. "Diodorus says that Sardanapalus, son of Anakyndaraxes, exceeded all previous rulers in sloth and luxury. He spent his whole life in self-indulgence. He dressed in women's clothes and wore make-up. He had many concubines, female and male. He wrote his own epitaph, which stated that physical gratification is the only purpose of life." That gives you the spirit of the thing Aristotle is criticizing, which we more regularly call hedonism. The life of physical pleasure is not taken seriously as a candidate for happiness, even though 'many in high places' like it.
Honor, however, is considered a serious candidate. Remembering the importance of a proper upbringing to discussing this, Aristotle notes that "people of superior refinement and active disposition" consider honor to be the end of ethics. Aristotle doesn't quite agree, for two reasons. First, some good men pursue honor to be assured of their goodness, and therefore they must really be seeking goodness (virtue) primarily.
Second, having honors bestowed upon you by others puts the power and agency in the hand of the others; Aristotle thinks you should seek an end for ethics that is in your own power.
The mere possession of virtue, meanwhile, doesn't succeed because merely being virtuous is compatible with not doing anything virtuous. You would have been brave had you gone to war or to sea; but you didn't, so your virtue doesn't really come to anything. It is bootless, and therefore inadequate as the ground of a happy life.
We will discover that honor is actually of fundamental importance to ethics and the definition of happiness Aristotle prefers. However, it will prove to be a divining rod to identifying what is best rather than the actual end (telos) of the ethical project. We will get there when we reach the discussion of magnanimity.
Wealth is pursued never for its own sake, but always for something else, and thus it cannot be the proper end of ethics either. Because you need wealth for these other things, which are more necessary than the wealth itself, the pursuit of wealth is a kind of compulsion -- and it is not a happy life to be always acting under compulsion. Even the things you pursue wealth in order to obtain are not, because these things are also wanted as means to some further end.
None of these candidates succeed. Even the Wise, and those with good upbringings and who have lived good lives, have not given us the correct answer. (This is quite usual for Aristotle's review of Wise opinion, which usually has failed in a similar way; otherwise, why would he be constructing a new inquiry?)