GDP went up. Natural capital fell 40%. Which number should we believe?
GDP can be inflated by the very pathologies a brake should target. Extracting an oil field boosts GDP while depleting natural capital; transfer payments cycle through GDP without creating wealth; coerced transactions register as economic activity. Inclusive wealth — the shadow-price sum of all productive capital stocks — cannot be gamed the same way: depleting natural capital without reinvesting elsewhere shrinks it by construction. The framework follows the Dasgupta Review (2021) and the Arrow–Dasgupta–Mäler (2004) unified wealth accounting tradition.