Beyond the Market

This book encourages the development of nonmarket accounts to complement GDP, offering insights into vital areas like health and education.

The national income and product accounts that form the basis of gross domestic product (GDP) are essential indicators of a nation's economic performance. However, Beyond the Market highlights a significant limitation of GDP: it primarily focuses on market transactions, neglecting vital contributions from nonmarket activities such as home production and volunteer work. This oversight means that GDP does not provide a complete picture of societal well-being and economic growth.

To address this gap, the book advocates for the development of satellite accounts that encompass various nonmarket sectors, including health, education, and environmental factors. By expanding the scope of economic measurement, Beyond the Market aims to enhance our understanding of the critical issues affecting society. The authors present innovative data sources and methodologies that can facilitate the collection and analysis of nonmarket activities, encouraging social scientists to engage more deeply in this area.

Through its comprehensive exploration of nonmarket accounts, Beyond the Market serves as a call to action for researchers and policymakers alike. It illustrates how a broader accounting framework can lead to better-informed decisions that reflect the true state of the economy and the well-being of its citizens. The book's structured approach, including chapters on home production, education, health, and the environment, provides a roadmap for future research and policy development in this vital field.