national income accounting Archives

The Picture of a Tourism Collapse

Looking at Covid and the Caribbean islands, we would see the massive impact of a tourism collapse on their economies.

Weekly Economic News Roundup and marijuana economics

How Legal Marijuana Could Make the Canadian GDP Too High

With marijuana legalization, Canada has had to revise 60 years of its Gross National Product (GDP) to avoid misleading numbers.

Weekly Economic News Roundup and Santa's wages

Economic Thinkers

What Santa Would Add to the GDP

Estimating Santa’s salary is a specific task that takes us to the broader issue of whether the GDP should include unpaid work.

Weekly Roundup

Weekly Roundup: From Good Voices to Bad Marriages

Our everyday economics includes GDP, human capital, price system, public goods, taxes, gender pay gap, externalities, subsidies, marriage economics and ROI.

Weekly Economic News Roundup and Nobel Economics Prize

Business

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.

Italy's and the UK will add marijuana and prostitution to improve GDP accuracy...but will it?

Economic History

Should GDP Include Illegal Drug Deals?

In 1987, Italy decided to include its “off-the-books” economy in its GDP. The result was an 18% boost. Now, further complying with EU accounting regulations, Italy will add illegal drugs, prostitution and black market alcohol and prostitution. Announcing a similar policy,…