A country's wellbeing should be measured in its weight, as well as its GDP

In Ireland, all the proceeds from the sugary drinks tax have gone into the exchequer, unlike the UK which specifically targeted its sugar tax to fund sports and breakfast clubs

A tax on sugary drinks, which raises prices by 20%, can lead to a reduction in consumption of around 20%. File picture

In modern times, gross domestic product (GDP) has become a measure for a country’s wellbeing. If the economy is growing, then things must be good. If it is shrinking, then not so much. Using GDP to measure how well we are doing is increasingly at odds with reality.

A key problem with growth is that it requires endless production and its close companion, endless consumption. To prevent growth stalling, we need to buy more and more things and more and more paid experiences. For economies to continue to ‘grow’ we need to have insatiable consumption.