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Time-use and economic activity: inputs, outputs and outcomes

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  • Gershuny, Jonathan

Abstract

This addresses two issues within the System of National Accounts which remain unresolved in its 2025 revision. (1) The SNA excludes most final production by and intended for private households, even though technical change often involves transfer of productive tasks out of the money economy and into these, or similar, small enterprises. And (2) it fails to distinguish between final output at the General Production Boundary, and other unintended, individual or collective outcomes of economic activity. Both problems relate to the inadequate conceptualisation of final consumption, which is required to complement Reid’s (1934) “3rd person” definition of production. SNA 2025 recommends the construction of “extended accounts” using prices of analogous commodities in the money economy to “shadow” those from outside the money nexus—but these do not exhaust the full range of non-money production and consumption.

Suggested Citation

  • Gershuny, Jonathan, 2025. "Time-use and economic activity: inputs, outputs and outcomes," Discussion Papers escoe-dp-2025-13, Economic Statistics Centre of Excellence.
    • Handle: RePEc:eoe:escoed:escoe-dp-2025-13
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    File URL: https://www.repository-escoe.com/id/eprint/79/1/ESCoE%20DP%202025-13.pdf
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • D13 - Microeconomics - - Household Behavior - - - Household Production and Intrahouse Allocation
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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