Word: nonmarketed
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Ironically, Kuznets won the Nobel Prize at a time when many younger economists argue that the G.N.P. misleads because it fails to include some "nonmarket" activities, such as home-produced food and housewives' labor, and does not account for pollution and environmental damage-the "bads" that are produced along with the "goods." But Kuznets has long warned against regarding the G.N.P. as infallible or objective. Next month he will attend a conference at Princeton that will discuss improved ways of measuring the G.N.P., and methods of accounting for pollution...
...other nonmarket countries generally welcome Mansholt's plan as a way of dealing with the farm surpluses that the Six have lately been trying to reduce through high-pressure selling abroad. But Washington is unhappy over Mansholt's call for a high tax on vegetable-oil products, designed to encourage Europeans to switch from margarine to butter. The U.S. contends that the levy would violate international prohibitions against the use of domestic taxes for protectionist purposes. In any case, it would certainly threaten the U.S.'s $450 million-a-year sales of soybean products to Western Europe...