Mostly agree, though I'd quibble (as did Simon Kuznets) that GDP is a poor metric for national income. The entire field of national income accounting is rather fraught.

Going back to Adam Smith, "Wealth is the annual produce and labour of the nation". Elsewhere he argues that "the sole use of money is to circulate consumable goods". As a man not given to short sentences, I recommend paying attention when he uses them.

https://en.wikisource.org/wiki/The_Wealth_of_Nations/Book_II...

Defining, and measuring, and allocating wealth has been a bit of a conundrum for the past 240+ years. And a while before by some reports.