To this day I have to 2020 hello sixty quarantined toilet paper shirt deal with facial hair or become the bearded lady. I tend to wear pants to hide my hairy legs, and long dresses when a dress is required. That marriage ended, and I moved out of state, remarried and have had two biological children with my new spouse. Proof positive that I did not have the problem with getting pregnant and having live births. I am reminded of that first doctor every time I look in the mirror. I no longer blindly trust any doctor. The term economic growth, to be valid, should refer to the amount of production of real wealth, not the nominal, inflation adjusted value of a given amount of wealth if sold, but the actual wealth produced. The goods, services produced etc.
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In other words, if we were 2020 hello sixty quarantined toilet paper shirt calculating growth in terms of nominal spending then economic growth, to mean anything has to refer to the inflation adjusted value of total wealth. The inflation adjusted value of a given amount of wealth, is essentially the amount of wealth itself. For the purposes of comparison, the value assigned to that wealth is indexed to what the assessed value of that wealth would be equal to in an “anchor year”. However, I believe when calculating contributions to growth we often focus on production, (and then in limited fashion on what counts as production), and we do a poor job of accounting for wealth depletion. While we should keep track of wealth produced, to properly measure whether the total wealth of an economy is growing we should also account for all wealth used, depleted or destroyed.