Family (economics)

Information about Family (economics)

The family, although recognized as fundamental from Adam Smith on, received little systematic treatment in economics before the 1950s. A significant exception was Thomas Malthus's model of population growth. The work of Gary Becker and others initiated contemporary research with the application and extension of microeconomic theory and empirical methods. Standard aspects include:

References

  • Gary S. Becker (1981, Enlarged ed., 1991). A Treatise on the Family. Cambridge, MA: Harvard University Press. ISBN 0-674-90698-5. Publisher's description & preview.
  • _____ (1987). "family," The , v. 2, pp. 281-86.
  • Yoram Ben-Porath (1982). "Economics and the Family-Match or Mismatch? a Review of Becker's A Treatise on the Family," Journal of Economic Literature, 20(1) (March), pp. 52-64.
  • Theodore C. Bergstrom (1996). "Economics in a Family Way," Journal of Economic Literature, 34(4), pp. 1903-1934.
  • Theodore C. Bergstrom and Mark Bagnoli (1993). "Courtship as a Waiting Game," Journal of Political Economy, 101(1), pp. 185-202.
  • Richard A. Berk (1987). "household production," The , v. 2, pp. 673-75
  • Mark R. Rosenzweig and Oded Stark, ed. (1997). Handbook of Population and Family Economics, v. 1A & 1B, 1343 pp. Elsevier.com.Publisher's description & contents.
  • Theodore W. Schultz, ed. (1974). Economics of the Family: Marriage, Children, and Human Capital, Chicago, University of Chicago Press
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Family is a Western term used to have denote a domestic group of people, or a number of domestic groups linked through descent (demonstrated or stipulated)
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Adam Smith FRSE (baptised June 5 (OS) / June 16 (NS) 1723 – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. He is a major contributor to the modern perception of free market economics.
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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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Microeconomics (or price theory) is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold.
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Gary Becker's rotten kid theorem suggests that family members, even if they are selfish, will act to help one another if their financial incentives are properly linked.
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household production function. It is these goods that they value. The idea was originally proposed by Gary Becker and Kelvin Lancaster in the mid 1960s.

Example

A simple example of this is baking a cake.
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Assortative mating (also called assortative pairing) takes place when sexually reproducing organisms tend to mate with individuals that are like themselves in some respect (positive assortative mating) or dissimilar (negative assortative mating).
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Perfect information is a term used in economics and game theory to describe a state of complete knowledge about the actions of other players that is instantaneously updated as new information arises.
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A bequest motive seeks to provide an economic justification for the phenomenon of gratuitous, intergenerational transfers of wealth. In other words, to explain why people leave money behind when they die.
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Human capital refers to the stock of productive skills and technical knowledge embodied in labor. Many early economic theories refer to it simply as labor, one of three factors of production, and consider it to be a fungible resource -- homogeneous and easily interchangeable.
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The term Social Security has several uses.
  • Canada Pension Plan - Canadian Social Insurance
  • Social security - the general concept of providing welfare
  • Social Security (United States) - the United States retirement/disability program

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Theodore William Schultz (April 30, 1902 – February 26, 1998) was the 1979 winner (jointly with William Arthur Lewis) of the Nobel Memorial Prize in Economics.
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