Modern accounting techniques are amazing and super effective, barely unchanged since their codification in the 1490s by an Italian scholar named Luca Pacioli. The biggest weakness of accounting though is its inability to capture externalities. How does one company record the cost of their employees commute? How do you even begin to calculate that? How do you measure the cost of extra leukemia cases in a town ten years after a train derails nearby? How do you record that in your books? How do you calculate and record the distress these huge noisy shipping vessels cause whales? It’s just so subjective and impractical.