March 2013
Beginner
252 pages
6h 50m
English
Content preview from A Primer on MacroeconomicsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Limitations of The GDP Concept: An Incomplete Picture
We have already seen that the calculation of GDP requires art as well as science—whether a car is classified as consumption or investment requires some judgment. GDP has other limitations.
Market transactions: GDP is the “market value” of production—but some goods and services are never recorded in a market. There is no market for soldiers or police officers, for instance.
Household production is another potentially large area that is not counted—home preparation of meals is a valuable service but is not accounted for. As an economy develops, or with the increasing participation of women in the labor force, families become less reliant on homegrown food, home-cooked meals, and domestic production ...
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