None of this has translated into meaningful advances in Americans’ standard of living. Regulations have raised the bar for commercializing new ideas while dire

None of this has translated into meaningful advances in Americans’ standard of living. Regulations have raised the bar for commercializing new ideas while directing a growing share of innovative effort toward goals with benefits, such as cleaner air, that don’t translate into gross domestic product. So cleaner air does not count as improved standard of living just because it does not show up¹ in the gross domestic product? This seems more a case of a broken metric than a broken development. ¹ On a second thought, it may actually show up in the gross domestic product via healthier people with less sick days and less medical spendings.