The calculations go on to suggest that, had Scotland included oil and gas within its national accounting in 2010 and 2011, grossdomesticproduct would have contracted by a full 3% last year.
President Nicolas Sarkozy has called upon Nobel prize-winning economists Joseph Stiglitz and Amartya Sen in his quest to find an alternative to the widely-used metrics of grossdomesticproductandgrossnationalproduct.
We are living with the results: National debt greater than 100% of annual grossdomesticproductand no end in sight, just as the baby boomers stop working and start sucking down expensive federal entitlements.