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For decades, economists have known that using gross domestic produ...
The strongest version of this narrative highlights a critical flaw in GDP as a measure of economic welfare: its inability to account for unpaid labor, environmental services, and broader capital stocks. The UK’s efforts to develop inclusive metrics—such as Gross Inclusive Income (GII) and Net Inclusive Income (NII)—demonstrate a pragmatic approach to addressing these gaps using existing data frameworks. This is a commendable step toward a more holistic understanding of economic prosperity, one t...