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,…

Winning World War II With Numbers

The year was 1940. Seeing that war might be imminent, President Roosevelt approached the president of General Motors. Wartime conversion was the issue. To become an “arsenal of democracy,” how could we produce planes instead of Pontiacs? With GM’s president…

Home Economics

What if we think of a household as a production unit that does child care, gardening, cooking and cleaning? And, if the work in the home is “outsourced” when people hire a nanny, a housekeeper, a gardener or do take-out…

Home Work

More unemployed means more people at home. One study asked, what are the unemployed doing? During every day’s “foregone market work hours,” unemployed people are occupied with home production, leisure, and job search. The day’s time allocation, though, is far…

How Are We Spending Our Money?

Has the recession changed how we spend? Here are the numbers that give some answers according to a summary from Michael Mandel, former BusinessWeek chief economist.: Since the 4th quarter of 2007, we have spent more on: 1) telephone equipment/up…