Rethinking Economics by Proctor J.Christopher

Author:Proctor, J.Christopher
Language: eng
Format: epub
Publisher: Taylor & Francis (CAM)
Published: 2017-03-21T16:00:00+00:00

If we have a view of the total economy that includes all provisioning, it can be growing faster or slower than that measured by GDP. In general, the total economy will not slow down in recessions as much as the more usual ‘GDP economy’. This is because some of those who lose their jobs will spend time on unpaid work – to save money perhaps by buying unprocessed foods, or because children are taken out of childcare. On the other hand, when the level of paid employment increases, less unpaid work may be done, and the recovery out of the recession will be slower for the total economy than for the GDP economy (Wagman and Folbre, 1996).

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