Unformatted text preview: overstates, as well as undermines, some very important numbers. Take a group of miners, for ex-ample, that create tons of coal in their career, but develop lifelong health problems and diseases, and need to pay health costs. While truly the health costs are negatives so far as the economic value of coal goes, they show up as a positive in the whole GDP equation, along with the coal they’ve created. This creates a problem in overstating the true value of coal, along with our real GDP. GDP hasn’t been revised because such revisions would most likely include negative ex-ternalities and depreciation, which would in turn undermine the importance of the mining indus-tries. Therefore, many pro-mining representatives got together to stop the revision....
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- Economics, Gdp