they went on to add several other "costs" to the definition of ISEW. This later work resulted in yet another macroeconomic indicator Genuine Progress Indicator (GPI): see sustainability measurement. The GPI is an extension of ISEW that stresses genuine and real progress of the society and seeks especially to monitor welfare and the ecological sustainability of the economy. The ISEW and GPI summarise economic welfare by means of a single figure according to the same logic by which GDP summarises economic output into a single figure. Beside economic issues, social and environmental issues in monetary terms are included in the calculation. Trend of ISEW in the United States The calculation of the ISEW in the United States from 1950 to 1986 was done by Cobb and Daly in 1989. The results reveal that the increase in economic welfare of an average American has stabilised after the 1970s although the economy, measured by GDP, has continued to grow. According to Cobb and Daly's calculations the external effects of production and the inequity of income distribution are the main reasons for this development in which an increase in production does not necessarily lead to an increase in welfare. Other countries and regions to calculate ISEW Besides the USA there have been at least seven other countries or regions which have compiled the ISEW, namely the UK (Jackson & Marks 1994), Germany (Diefenbacher 1994), The Netherlands (Rosenberg & Oegema 1995), Austria (Stockhammer et al. 1995), British Columbia (Gustavson & Lonergan 1994), Sweden (Jackson & Stymne 1996), Chile (Castaneda 1999), Finland (Hoffrén 2001), Poland (Gil & Śleszyński 2003), Belgium (Bleys, 2008), Flanders (Bleys & Van der Slycken, 2019) and China (Zhu et al., 2021). Progress of the Finnish ISEW The calculation of the ISEW for Finland has been done by Dr. Jukka Hoffrén at Statistics Finland in 2001 . Today the time period covered is extended to years from 1945 to 2010. According to the results, sustainable economic welfare rose steadily in the 1970s and early 1980s, but has since declined and stabilised. One of the underlying reasons for this development was effective income distribution which apportioned evenly the welfare derived from increased production. In the mid-1980s income disparities started to grow again, flows of capital (investments) abroad increased and environmental hazards escalated, resulting in a decline in the weighted personal consumption. Major contributors to Finnish ISEW in 2000 (FIM billion, rp) Weighted personal