The tricky business of measuring wealth

An ancient management axiom holds that, “If it ain't measured, it ain't managed.” A more topical management axiom says, “The mission of business is to manage for increased shareholder value.” Putting ancient and topical together, we deduce that, “Unless wealth is measured, business is not performing its mission.” Many managers believe this. Therefore one might expect the measurement of wealth to be a routine exercise in business accounting. It is not.