6. GNP counts the product of steel but not the disproduct of air pollution. It counts the...

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6. "GNP counts the product of steel but not the disproduct of air pollution. It counts the product of automobiles but not the disproduct of 'blight' due to junkyards. It counts the product of cigarettes but not the disproduct of a shorter life expectancy due to cancer. Until we can come up with a more reliable index, we cannot tell whether economic welfare is progressing or retrogressing." Explain why you either agree or disagree with this view.

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Economics Private And Public Choice

ISBN: 9780123110404

2nd Edition

Authors: James D Gwartney; Richard Stroup; A H Studenmund

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