Good numbers gone bad

Bad accounting f r a me w or k s a r e l ike ly to l

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Bad accounting f r a me w or k s a r e l ike ly to l ead to bad decis i ons. A go v er n men t foc use d on G DP might be e nco u raged t o give away m ining or o il concessions ; a focus on g r ee n NNP m i ght make it r ealize t h a t t h e co u ntry r i sks b e ing w orse off . B ut n e w ideas al w a y s mee t resis - tance . Just as t hose w ho be nefit e d from b a d corp o ra te ac c ou nt - ing practices - like i gnor i ng t he cost of s t oc k op tio n s - wanted to continue them , th e s ame i s ha ppen i ng h er e . A greene I ; m o r e ba l - an c ed accounti n g f rame w or k is an old idea w hose ti me h a s co m e , especially ifwe are go i ng to make glob a l i z ati o n wor k . II ' J OS E PHSTIGUlZ i s ' th e fo r m e r c h a i r m an of th e C ou n cil of E c onomil:Advis e r s, a NobelPrize -- winn i ng economist . and th e au t h o r o f Ma k in g G l o ba l i z a tio n W o r k . GDP MUST BE ADJUSTED TO ACCOUNT FOR THE DEPLETION OF RESOURCES.
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