Editing Gross domestic product (section)

===Unpaid work===
GDP excludes the value of household and other [[unpaid work]]. Some, including [[Martha Nussbaum]], argue that this value should be included in measuring GDP, as household labor is largely a [[Substitute good|substitute]] for goods and services that would otherwise be purchased with money.<ref>{{cite book |title=Creating capabilities : the human development approach |year=2013|publisher=Belknap Press of Harvard University Press|isbn=978-0-674-07235-0 |location=Cambridge, Massachusetts|last1=Nussbaum|first1=Martha C.}}</ref> Even under conservative estimates, the value of unpaid labor in Australia has been calculated to be over 50% of the country's GDP.<ref>{{cite book|title=Understanding national accounts|year=2006|publisher=OECD|isbn=978-92-64-02566-0 |edition=Reprint |location=Paris|page=112|last1=Blades |first1=François |last2 = Lequiller |first2 = Derek }}</ref> A later study analyzed this value in other countries, with results ranging from a low of about 15% in Canada (using conservative estimates) to high of nearly 70% in the United Kingdom (using more liberal estimates). For the [[United States]], the value was estimated to be between about 20% on the low end to nearly 50% on the high end, depending on the methodology being used.<ref>{{cite web|url=https://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=std%2Fdoc%282011%297&doclanguage=en |date=14 Oct 2011 |id=STD/DOC(2011)7 |publisher=Organisation de Coopération et de Développement Économiques |title=Incorporating Estimates of Household Production of Non-Market Services into International Comparisons of Material Well-Being|access-date=2018-03-24|archive-date=2017-10-20|archive-url=https://web.archive.org/web/20171020065043/http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=std%2Fdoc%282011%297&doclanguage=en|url-status=dead }}</ref> Because many public policies are shaped by GDP calculations and by the related field of [[national accounts]],<ref>{{cite journal |first=Randall G. |last=Holcombe |author-link=Randall G. Holcombe |title=National Income Accounting and Public Policy |journal=Review of Austrian Economics |volume=17 |issue=4 |pages=387–405 |year=2004 |doi=10.1023/B:RAEC.0000044638.48465.df |s2cid=30021697 |s2cid-access=free |url=https://departments.gmu.edu/rae/archives/VOL17_4_2004/5_holcombe.pdf |via=George Mason University |url-status=live |archive-url= https://web.archive.org/web/20221006192155/https://departments.gmu.edu/rae/archives/VOL17_4_2004/5_holcombe.pdf |archive-date= Oct 6, 2022 }}</ref> public policy might differ if unpaid work were included in total GDP. Some economists have advocated for changes in the way public policies are formed and implemented.<ref>{{cite web|url=https://unstats.un.org/unsd/publication/SeriesF/seriesF_85.pdf |id=ST/ESA/STAT/SER.F/85 |date=2003 |publisher=UNSD  |archive-url=https://web.archive.org/web/20051227030856/http://unstats.un.org/unsd/publication/SeriesF/seriesF_85.pdf |archive-date=2005-12-27 |url-status=live |title=National Accounts: A Practical Introduction}}</ref>

Some have pointed out that GDP did not adapt to sociotechnical changes to give a more accurate picture of the modern economy and does not encapsulate the [[value (economics)|value]] of new activities such as delivering price-free information and entertainment on [[social media]].<ref>{{cite journal |last1=Kapoor |first1=Amit |last2=Debroy |first2=Bibek |title=GDP Is Not a Measure of Human Well-Being |url=https://hbr.org/2019/10/gdp-is-not-a-measure-of-human-well-being |journal=Harvard Business Review |access-date=20 September 2020 |date=4 October 2019 |archive-date=28 September 2020 |archive-url=https://web.archive.org/web/20200928044130/https://hbr.org/2019/10/gdp-is-not-a-measure-of-human-well-being |url-status=live }}</ref> In 2017 [[Diane Coyle]] explained that GDP excludes much unpaid work, writing that "many people contribute free digital [[Work (human activity)|work]] such as writing [[FOSS|open-source software]] that can substitute for marketed equivalents, and it clearly has great economic value despite a price of zero", which constitutes a common criticism "of the reliance on GDP as the measure of economic success" especially after the emergence of the [[digital economy]].<ref>{{cite magazine |title = Rethinking GDP |magazine =Finance & Development |date=March 2017 |volume=54 |issue=1 |first1=Diane |last1=Coyle  |url = https://www.imf.org/external/pubs/ft/fandd/2017/03/coyle.htm |publisher = International Monetary Fund |access-date = 20 September 2020 |archive-date = 2 September 2020 |archive-url = https://web.archive.org/web/20200902170328/https://www.imf.org/external/pubs/ft/fandd/2017/03/coyle.htm |url-status = live }}</ref>