There’s an interesting blog on the Office for National Statistics website about Natural Capital Accounts. The obsession, particularly amongst our politicians, with growth expressed in terms of GDP is rightly criticised as taking no account of the environmental impact of our activities. Anything that moves beyond that is welcome, but is this adequate: I’d love to hear your views! These Accounts are still based on prices (actual or estimated). Those with engineering in their blood will remember the old adage about the industry being increasing led by accountants who knew the price of everything and the value of nothing. If you’re a student of classical political economy, then perhaps the distinction between use value and exchange value is more relevant.
Beyond GDP – accounting for the environment
