Wellbeing should be counted in net terms – that is to say we should consider not only the accumulated stock of wealth but also that of ‘illth’; and not only the annual flow of goods but also that of ‘bads’. The fact that we have to stretch English usage to find words like ‘illth’ and ‘bads’ with which to name the negative consequences of production that should be subtracted from the positive consequences is indicative of our having ignored the realities for which these words are the necessary names.

‘Bads’ and ‘illth’ consist of things like nuclear waste, the dead zone in the Gulf of Mexico, ...


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