Real GDP tends to underestimate the increase in real domestic value added, real GDI, and welfare when the terms of trade improve. An improvement in the terms of trade is similar to a technological progress. The national accounts treat the two phenomena very unevenly, however, with a change in...

Problems with the GDP -- Alternatives to GDP -- The GPI as an alternative indicator of welfare -- Items used to calculate the GPI -- The GPI of Hong Kong: results -- The GPI of Singapore : results -- The "threshold hypothesis" and the two city states -- Towards a steady state economy