What do we mean when we say that one country is richer than another or that we are better off now than we were fifty years ago how far is it possible to make accurate and precise statements about these things it is much easier to say what we dont mean than what we do we certainly dont mean that a richer country is necessarily happier or better or lives a nobler or more satisfactory life than the poorer one for these are things that we cannot define or measure when we talk about wealth or economic welfare we are referring only to those goods and services which are customarily exchanged for money