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If it is the material well being of a population you want, then I suggest national wealth/capita (and better to look at median then average). National wealth being the sum of stuff within the borders. This was as I understand it the dominant metric before GDP, and was probably abandoned because GDP is so available: just check the total tax bases from the stats collected by the tax office. Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
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