Gross household product


Gross household product is a specific estimation of the economic value added by the unpaid work and capital of households. It does not include many of the additional factors typically included in GPI determinations but focuses specifically on the "household economy". Per Jeremy Greenwood et al., GHP is overlooked by many people and seen as unimportant.

Household production

Derek Ironmonger has stated that the GHP is the measure of a family's production of goods and services they use and accumulate themselves such as chores and other traditionally unpaid household duties. He has further stated that the "major scientific achievement of the field of [household production has been the accurate measurement of the magnitude of household production through surveys of the uses of time" and that quarterly accounts of GHP will make it easier to produce scientific research.
Factors that contribute to GHP include healthcare, the environment, government, and community.

Measurement

The measurement of GHP is dependent on the calculation of unpaid labour and the value of the households assets. There is no official standardized form of measurement and has several ways that it can be measured.
The 'housekeeper wage' approach is the most commonly used. This measurement calculates the value of GHP through determining the cost of paying for household work to be completed.
The ‘specialist wage approach' calculates the cost of hiring a specialist service to perform individual tasks in the household. This can include cooking, laundry and gardening.
A third method of calculating gross household product calculates the opportunity cost of working from home. This looks at the monetary value the is sacrificed by working at home, and therefore the GHP figure is determined.