Excludes "external" costs
Transactions capture only things that are valued passing across the boundaries of a system (company or organization). Imputing a value to oceans from exchange values of humans is a useless stretch of logic. But such projects are attempted because market addicts can't relate to them any other way.
There was a project in the 1990s to place a dollar value on the endtire world ecology; came out to about twice the value of total global GP at the time. Of course, it meant nothing because with an ecology, there are no transactions, and no global GDP.
This project is Robert Costanza, et al, "The Value of the World's Ecosystem and Natural Capital,"
Nature, May 15, 1997.
We humans interact with the ecology; we have a relationship with it. It could exist in some form without us. we could not exist without it. That's not a free market relationship.