Household production in Singapore : a study of the household economy for social accounting purposes

• Main Authors: Lim, Terence Ghim Hui, Tan, Cheng Wei, Tan, Si Jay
• Other Authors: Quah Teong Ewe, Euston
• Format: Final Year Project
• Language: English
• Published: 2014
• Subjects: DRNTU::Social sciences
• Online Access: http://hdl.handle.net/10356/59117
• Institution: Nanyang Technological University

Output produced by households is not recorded in a country’s Gross National Product (GNP). This is because household production of goods and services do not generate an income by way of marketability and hence it is difficult to measure its value. On the other hand, the market consumption of goods by the household is already included in GNP. This study attempts to estimate the value of household production using economic valuation methods. It recognises that the inputs and outputs of household production are not homogenous, giving reason to estimate the value of different household production activities using different methods of valuation. In doing so, this study utilises different replacement cost methods to estimate the values of Market replaceable Household Production (MHP) and Near-Market replaceable Household Production (NMHP). While household production is not recorded, it is in no way negligible and its value would provide a more complete GNP estimation. Keywords: Household production, Gross National Product, Valuation, Replacement cost, Market replaceable, Near-Market replaceable