However, in "The Green National Product", Clifford Cobb and John Cobb argue that the Measure of Economic Welfare failed to encompass the depletion of natural capital.Cobb Clifford, and Cobb, John. "The Green National Product", University Press of America, c1994. p.10-11 "How to Measure Welfare: Some Options" In 1989, Herman Daly, John Cobb, and Clifford Cobb created what is known as the Index of Sustainable Economic Welfare (ISEW). This new measurement of welfare was created in the hopes that it would replace the flawed GNP. Herman Daly stated that the key flaw of the traditional GNP was that it ignored core accounting principles of business where all revenues and expenses are allocated to income. ISEW called for ecological and economic sustainability to coincide since the economy is ultimately dependent on the natural resources that the earth provides.Cobb Clifford, and Cobb, John. "The Green National Product", University Press of America, c1994. p.280 "Bridging Economics and Ecology" Rather than the original GNP, ISEW takes into account costs that are naturally unsustainable. By creating ISEW, they wanted to expand the current national product so that individuals, businesses, and governments could take actions that will generally enhance welfare, rather than merely enhancing the traditional GNP.Cobb Clifford, and Cobb, John. "The Green National Product", University Press of America, c1994. p.280-281 "Bridging Economics and Ecology"
