net national welfare; NNW
A macroeconomic indicator that adjusts GDP by adding the value of household labor and leisure, and subtracting environmental damage and other disamenities. Rare term, mainly encountered in economics or policy discussions.
Net national welfare was proposed as an alternative measure of well-being to GDP.
GDP; the standard measure of economic output, which NNW adjusts for non-market factors.
Compound of 国民 (kokumin, 'national') + 福祉 (fukushi, 'welfare') + 指標 (shihyō, 'indicator'). Calque from English 'net national welfare'.