Abolish GDP in favor of a genuine progress indicator

When countries factor drug money (but not costs) into GDP, can it be called a good indicator of success and happiness?

Double-entry bookkeeping is a bitch. I remember the first time I envisioned starting a retail business, picturing all the money Id make before a mentor taught me the basic costs of doing business. After calculating expenditures for rent, paying staff, and overhead, I learned why its so critical to understand the difference between net and gross profits.

This fundamental tenet of business hasnt been incorporated into the basic measure of value the world has used for almost eight decades. By definition, the gross domestic product evaluates gross measures to determine the supposed success and happiness for a country and its citizens. Never mind the ethical issues, as recently reported, that countries such as the US and the Netherlands are factoring in revenue from prostitution and drugs into their GDP estimates.