Wealth Plus

From Tyler Cowen’s Stubborn Attachments a proposed way of tracking value1:

The total amount of value produced over a certain time period. This includes the traditional measures of economic value found in GDP statistics, but also includes measures of leisure time, household production, and environmental amenities, as summed up in a relevant measure of wealth.

Notably, Wealth Plus would encapsulate externalities (e.g. environmental impacts) because it would


References

1.
Cowen, T. Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals. (Stripe Press, San Francisco, CA, 2018).