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Cake day: February 19th, 2022

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  • It’s also important to consider GDP and GDP PPP doesn’t consider unpaid labor. Housework, taking care of kids, etc. if it’s not paid. I don’t have any metrics on this, but in China it’s extremely common for families to be more tight knit compared to the US with the atomic (parents/kids) family. There is also a lot of unpaid work, such as grandparents taking care of the kids instead of a babysitter. Not only does this on one hand reduce GDP, but it’s socially preferable in that there is more of a familial social safety net on top of the public/governmental one.