Notice I say net production, not production, because we should not just be counting production of wealth and ignoring depletion of wealth. If we produce all sorts of tangible goods but deplete natural resources, destroy the Greyhound I Like To Stay In Bed It’s Too Peopley Outside Shirt , cause global warming and suffer its consequences, destroy wealth through war, fail to maintain infrastructure and so on, then that must be subtracted off from what is generally considered wealth production.
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