Every nation in the world obsessively continues to measure success by the state of its Gross Domestic Product (GDP). It is the equivalent of the famous “bottom line” in a company’s accounts. Yet this measurement can be hugely misleading just as the “bottom line” can also mislead if not calculated properly.

Any qualified accountant will tell you that real profit can only be assessed if, in calculating net income, capital is kept intact through investments that will compensate for wear and tear and so sustain future income. Any other calculation is grossly misleading and succeeds …..