Americans increasingly favor a wealth tax on the ultra-rich, but despite the uptick in proposals, these policies have struggled to gain traction.

GDP was not designed to assess welfare or the well being of citizens. It was designed to measure production capacity and economic growth. Yet policymakers and economists often treat GDP as an all-encompassing unit to signify a nation’s development, combining its economic prosperity and societal well-being. It’s time to acknowledge the limitations of GDP and expand our view of development to include welfare. A number of countries, including India, are paving the way.