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Billy is a plumber. He earns $15 per hour. One morning, just before leaving for work, he found a ...
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Billy is a plumber. He earns $15 per hour. One morning, just before leaving for work, he found a ...
Billy is a plumber. He earns $15 per hour. One morning, just before leaving for work, he found a leaky pipe in his kitchen. He spent 2 hours repairing the pipe.
a) How would this affect the calculation of GDP?
b) If Billy had spent 2 hours working for one of his clients, what would have been the effect of his activity on the calculation of GDP?
Textbook
Macroeconomics
Edition:
3
rd
Authors:
Acemoglu, Laibson, List
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a) Billy would not receive any monetary payment for the 2 hours he spent on repairing the pipe in his kitchen. This is an example of home production. As a result, his activity would not affect the calculation of GDP.
b) If Billy had spent 2 hours working for his clients, GDP would have increased by $15 × 2 = $30.
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