The value of household production is estimated to 40-50 percent of GNP in most western countries, and because the distribution of this income-in-kind is different from ordinary income distribution, the concept of economic well-being may include household production. The monetary value of household production is evaluated by a market alternative principle and an opportunity-cost principle. In the last case a reservation wage is estimated, and integrated in a modified opportunity principle, which means that household work of non-working women is evaluated by the reservation wage, and household work of working women and men by their wage-rate. The conclusions are among others, that the inclusion of household production reduces the inequality, and that women's contributions--money income and household production--functions as income equalizers.
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Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number
91-10.
Length: 22 pages Date of creation: Aug 1991 Date of revision: Publication status: Published in: Review of Income and Wealth, 1992, 38(3) pp 281-293 Handle: RePEc:kud:kuiedp:9110
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