 DO‐IT‐YOURSELF AND GDP*T. P. Hill Review of Income and Wealth, 1979, vol. 25, issue 1, 31-39 Abstract: Do‐it‐yourself activities are, by definition, those for which a choice must exist between doing it oneself or hiring someone else. This means they typically involve the own account production of services, but whereas it is customary to include most goods produced on own account in GDP services are conventionally excluded. In principle, however, it is possible to envisage a comprehensive and unique measure of the total final output of all the goods and services produced within an economy whether for sale or own use. Such a measure would be better than GDP as an indicator of long term changes in economic welfare, being independent of any shifts in the ratio of market to non‐market production. Moreover, it would be a homogeneous measure with clearly defined limits in contrast to improvised indices of welfare which mix economic and non‐economic variables in arbitrary and subjective ways. However, the need for a measure of market output, or something very close to it such as GDP, is still as strong as ever as soon as attention is switched from measurement of long term growth to problems associated with market disequilibria, such as unemployment and inflation. Date: 1979 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:revinw:v:25:y:1979:i:1:p:31-39 Ordering information: This journal article can be ordered from Access Statistics for this article Review of Income and Wealth is currently edited by Conchita D'Ambrosio and Robert J. Hill More articles in Review of Income and Wealth from International Association for Research in Income and Wealth Contact information at EDIRC. |
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