Going forward, we plan to periodically update this account. This project is part of ongoing efforts at BEA to produce economic statistics that go beyond GDP and that measure economic value outside the market economy.
Cooking, cleaning, caring for children, shopping, gardening, and doing odd jobs around the house are covered in these statistics. Because this work isn't tracked through marketplace transactions, it's excluded from U. Household Production Satellite Account. State Personal Income, Value of Household Production. Income Wealth 55 2 , pp.
But then I went to a recent voluminous UN report and realized it was a hopeless undertaking. And yet I still worry about excluding and thereby undervaluing the work that is primarily done by women. Elaine Schwartz has spent her career sharing the interesting side of economics. Save my name, email, and website in this browser for the next time I comment.
The Value of Work Done at Home. You see where this is going. What Household Production is Really Worth After reading one UN paper, I realized that there are countless ways to calculate the value of boiling water.
As did the pastor, you could use the market. The transactions between buyers and sellers for a specific good or service that results in a mutually acceptable price and quantity. Intangible aids that are usually provided by people, depend on people, and are therefore difficult to mechanize or standardize.
Elaine Schwartz Elaine Schwartz has spent her career sharing the interesting side of economics. Share This. July 30, Leave a Reply Cancel reply Your email address will not be published.
But if I hire someone to do household production tasks, then that output gets counted as part of GDP. For a number of situations where the limitations of GDP are obvious, the US Bureau of Economic Analysis publishes "satellite" accounts, where it calculates what a different and broader measure of economic output would look like. The overall approach is to look at data on time use in household production, estimate the cost of hiring that time in the market, and then add this output to the standard conventional measure of GDP.
They write: The largest impact when including household production in GDP stems from the inclusion of nonmarket services. Nonmarket services measure the value of time spent on home production tasks. To compute household production, we first aggregated household production hours across seven categories: housework, cooking, odd jobs, gardening, shopping, child care, and domestic travel.
The value of nonmarket services is the product of the wage rate of general-purpose domestic workers and the number of hours worked.
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