In Beijing, unpaid housework just got a price. Because of their new Civil Code, a Chinese judge decided that a divorce settlement had to include compensation for the former wife. He said that in addition to monthly alimony, she was…
Knowing that we “treasure what we measure,” understanding the GDP and a shrinking economy is even more important during a pandemic.
A group of economists estimated the value of digital services like Facebook to illustrate a new way to think about the GDP.
Adding together the goods and services we produce in the GDP, statisticians wonder if they should include illegal economic activities.
As a yardstick of the value of the goods and services produced in one year, a country’s GDP might be more accurate if it included unpaid household work.
Whether looking at childcare, boiling water, or changing a light bulb, the activities that compose household production are tough to value.
Estimating Santa’s salary is a specific task that takes us to the broader issue of whether the GDP should include unpaid work.
We can better grasp what we mean by the GDP by looking at the numbers and also by comparing its components to an alternative.
The auction prices for Nobel Prize medals are more than a number because a price can give us information about a good or a service,