ABSTRACT
The often-used concept of Gross Domestic Product (GDP) measures market activity of officially recognized finally transacted goods and services within a country over a given period of time. Conventional GDP also includes negative factors such as expenditures on such activities as those linked to the: control of criminal actions, aftermath of accidents and their repairs, depletion or degradation of natural resources, destruction of ecosystems and of bio-diversity, expenditures on white elephants. The conventional measures of economic growth could well decline over a given period of time, while the wellbeing of people could remain stable or even improve. The correlation between GDP growth and job creation has not been invariably high or significant for all countries at all times. Gauging changes in wellbeing is often done through polling. Concern for the wellbeing of future generations, through the efficient sustainable husbanding of planet Earth’s resources over the long-term horizon, should be considered of top importance for current and future generations.
