Looking at Covid and the Caribbean islands, we would see the massive impact of a tourism collapse on their economies.
How Legal Marijuana Could Make the Canadian GDP Too High
With marijuana legalization, Canada has had to revise 60 years of its Gross National Product (GDP) to avoid misleading numbers.
What Santa Would Add to the GDP
Estimating Santa’s salary is a specific task that takes us to the broader issue of whether the GDP should include unpaid work.
Weekly Roundup: From Good Voices to Bad Marriages
Our everyday economics includes GDP, human capital, price system, public goods, taxes, gender pay gap, externalities, subsidies, marriage economics and ROI.
How To Price a Nobel Prize
Shown by auctions of Nobel prize medals from recipients like Simon Kuznets and James Watson, through markets, the price system conveys information.
Should GDP Include Illegal Drug Deals?
In 1987, Italy decided to include its “off-the-books” economy in its GDP. The result was an 18% boost. Now, further complying with EU accounting regulations, Italy will add illegal drugs, prostitution and black market alcohol and prostitution. Announcing a similar policy,…