Valuing Household Unpaid Work
Rajeswari ThondiyilIMF, SARTTAC.
Conventional economic statistics, such as national accounts are largely designed to measure the market economy and exclude unpaid household service work. While the role of households is increasingly being acknowledged in the analysis of well being and sustainability, but remains statistically invisible. This is because the internationally agreed standard for measuring economic activity, the System of National Accounts (SNA) 2008, does not include household unpaid services in the production boundary and therefore goes unreported in the accounting framework of the SNA, like GDP. At the international level, it has been widely recognised that a proper recognition and valuation of unpaid household service work would allow a better assessment of the economic and social impact of policy options. Household unpaid services is a topic of relevance to update of SNA for measuring wellbeing and sustainability. This seminar will discuss the valuation of household unpaid work and associated challenges and more importantly, its impact on national accounts variables.