Were each of our fifty states considered as a separate economy, for example, interstate claims would add to both U.S. and world totals without affecting U.S. or world GDP. Accordingly, it is the change in the gross liabilities ratios that is the more economically meaningful concept.
This issue can be framed within the academic debate about whether firms should stick to a narrow mandate – maximize profits to the benefits of shareholders – or rather be concerned with a broader set of targets – loosely speaking, maximize the welfare of stakeholders. In the latter 5 6  7  See e.g.