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Following Havrylyshyn (1976) and Murphy (1980), Goldschmidt-Clermont (1982) reviews about seventy-five evaluation studies on unpaid work in industrialized countries. On the basis of this review, the value of household production is in the range of 25 to 40 percent of the GNP of the industrial countries. Based on Goldschmidt-Clermont (1982), a summary of evaluation methods used in quantification of unpaid work in the household is presented below. The point of reference is Reid's (1934) definition of household production, which is: Household production consists of those unpaid activities which are carried on, by and for the members, which activities might be replaced by market goods or paid services, if circumstances such as income, market conditions and personal inclinations permit the service being delegated to someone outside the household group (p.

Thus, models facilitate discussion and debate about policies. As Fischer (1987) points out: The likelihood that the economy will achieve targets derived using models is of course slight. Policy mistakes or other shocks will produce deviations of outcomes from target levels. But the models enforce discipline on the analysis of adjustment, ensure the consistency of policy measures, and provide a framework in which the prospects of meeting balance of payments and growth targets can be coherently discussed.

For this purpose, the current value of a finite series of net receipts (ß) accruing over a period of T years is first calculated. Similarly, the value of an infinite series of true income (¥) is calculated. 4 Following the calculations, El Serafy (1989), for example, arrives at a ratio of true income to total receipts, which is given by: where ¥ is the true income, ß the total receipts (net of extraction cost), r the social rate of discount, and T the number of periods during which the resource is to be liquidated.

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