What Mom’s Yearly Paycheck Would Be

If a mom’s unpaid work at home includes being a CEO, a psychologist and an executive chef, should her hypothetical paycheck be in the GDP?

What We Know About Santa’s Salary

Although BLS data indicates what Santa’s salary could be, because it is unpaid work and comes from the North Pole, it is excluded from the GDP.

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.

Three Big Questions About the GDP

GDP problems include that it’s not calculated the same way in different countries, its data can be tough to gather, and its components omit important items.

How Much Would Santa Earn If We Paid Him?

If they tried to include the work that moms and dads do at home, national income accounting statisticians would have a tough time quantifying unpaid work.

Why the GDP is Much More Than a Number

Seemingly just a statistic, how we calculate the GDP and how it is used can be controversial and affect the lives of millions of people.

A GDP Omission

What to include in the GDP? When Nobel Laureate Simon Kuznets developed the concept of the GDP during the 1930s, he had to decide which goods and services would count. He knew the GDP had to measure the health of…

GDP: Does Lady Gaga Count?

The United States just got a little richer but not because of the economic recovery. We are just changing what is included in the GDP. First a little history. I have always been fascinated by the story of Simon Kuznets. A…

Do You Like the GDP?

Having just come across the “Better Life Index,” I started thinking about Ed Koch, a former mayor of NYC who often asked everyone, “How am I doing?” Here are some thoughts about how to measure how well we are doing. The…

Making Presidential History

President Obama has been having dinner with historians. Described by the NY Times as a “largely left tilting group,” the names I consistently discovered that attended the dinners were: Doris Kearns Goodwin, Michael Beschloss, Robert Caro, Robert Dallek, Douglas Brinkley, H.…