... GDP is not the be all and end all of economic success. There are other ways to measure the progress of a society. One way to think about economies is as the aggregate of three sorts of capital: physical (infrastructure and the means of production), human (skills and education) and natural capital. While the first two are renewable (some argue inexhaustible), natural resources such as fossil fuels, soil, biodiversity, and even forests may be depleted, sometimes permanently.
The Inclusive Wealth Indicator, which is scheduled to launch later this year, captures economic growth as the aggregate of a country’s wealth including its natural resources. "Our goal is to provide national governments with a bi-annual report to assess transition to the so-called green economy, to create productive and sustainable economic bases for the future," says Anantha Duraiappah, executive director of UNU-IHDP in a release.