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If you live in a nice, comfortable house, that doesn’t contribute any more to economic growth than if you live on the street. The comfort of the house is irrelevant, according to economic statistics. If you catch COVID-19, that has no effect on economic statistics, unless you can’t work anymore. Your plight counts for nothing. If your car breaks down, that’s positive for economic growth when it gets repaired or replaced, but your discomfort and sudden need for expensive liquidity has no effect on the statistics.
These are just a few examples that illustrate a known and acknowledged problem of economic growth statistics. They measure only financial transactions. In general terms, economic growth does not measure well-being, but only wealth generation, value added.
Wealth can be a crude proxy for well-being. It would be …