Economic Growth Lacks Welfare Consideration

Economic growth, as represented by measures like GDP, often fails to account for social welfare implications. Activities that contribute to GDP, such as cybercrime and its countermeasures, can inflate economic figures without providing genuine societal benefits. For instance, significant profits can stem from detrimental innovations, like deep fakes, which illustrate that increases in GDP do not equate to social improvement. This disconnect highlights the necessity for a broader assessment of economic activity that incorporates welfare considerations alongside traditional growth metrics.