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e. Family economics applies economic concepts such as production, division of labor, distribution, and decision making to the family. It is used to explain outcomes unique to family—such as marriage, the decision to have children, fertility, time devoted to domestic production, and dowry payments using economic analysis.
Aug 30, 2018 · It defines “family” from an economics perspective and then details the economic functions of the family: human capital creation, social capital creation, household production of goods and services, economies of scale and public goods provisioning, consumption and savings decisions, and risk-sharing and self-insurance.
- Megan McDonald Way
- mway@babson.edu
- 2018
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Given the central role that behaviors in the realm of the family have played in the evolutionary race for survival and reproduction ever since our ancestors started to live in families, they may in turn be expected to have been subject to severe evolutionary selection.
ECONOMICS OF THE FAMILY The family is a complex decision unit in which partners with potentially different objectives make consumption, work, and fertility decisions. Couples marry and divorce partly based on their ability to coordinate these activities, which, in turn, depends on how well they are matched. This book provides
Family structures can be categorized from the pioneering work of Le Play (1884). He proposed three different types of families; “ la famille patriarcale ,” “ la famille instable ,” and “ la famille souche .”. Currently, these are respectively referred to as the complex family, the nuclear family, and the stem family.
generate these variables are made within families. Yet the family (and decision-making in families) is typically ignored in macroeconomic models. In this chapter, we argue that family economics should be an integral part of macroeconomics, and that accounting for the family leads to new answers to classic macro questions.
Lifetime marriage rates are high for Americans at all levels of education, but divorce and nonmarital childbearing rates have increased much more rapidly for the less-educated. The three panels of Figure 2 show the diverging family lives of the more- and less-educated, for both men and women.
