A Solution to the Estimation of an Enlarged GDP Including Domestic Production: An Estimation on Micro Data

François Gardes ()
Additional contact information
François Gardes: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, EGEI - Éthique et Gouvernance de l’Entreprise et des Institutions - UCO - Université Catholique de l'Ouest

Post-Print from HAL

Abstract: Using a generalization of the Becker's time allocation model to estimate the shadow price of time, the article proposes to evaluate the component of home production which could be substituted by market goods and services. An enlarged households' total expenditure including the production of the informal sector and the value of domestic production and the corresponding enlarged GDP are compared to their monetary counterparts in five developed and underdeveloped countries. Domestic production substituable to market goods corresponds to 23 to 41% of the GDP in Canada, France, Poland and the US, but much less in Burkina Faso because of much lower opportunity cost of time and elasticities of substitution. Finally, the enlarged GDP including the informal sector is larger by 40% than the official GDP in the three developed countries, 34% in Poland and by 54% in Burkina Faso.

Keywords: Domestic production; Time allocation; GDP; Opportunity cost of time (search for similar items in EconPapers)
Date: 2021-03
New Economics Papers: this item is included in nep-isf and nep-mac
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03325362v1
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in 2021

Downloads: (external link)
https://shs.hal.science/halshs-03325362v1/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-03325362

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().