The family, although recognized as fundamental from Adam Smith on, received little systematic treatment in economics before the 1950s. Family denotes a group of People affiliated by consanguinity affinity or co-residence Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. Economics is the social science that studies the production distribution, and consumption of goods and services. A significant exception was Thomas Malthus's model of population growth. Thomas Robert Malthus FRS (13 February 1766 – 23 December 1834 was an English political economist and demographer who expressed views The work of Gary Becker and others initiated contemporary research with the application and extension of microeconomic theory and empirical methods. Gary Stanley Becker (born December 2, 1930) is an American Economist and a Nobel laureate. Microeconomics is a branch of Economics that studies how individuals households and firms and some states make decisions to allocate limited resources typically in markets Standard aspects include:
- fertility and the demand for children
- interrelation of 'quantity' and 'quality' of children through investment of time and other resources of parents
- altruism in the family (including the rotten kid theorem)
- sexual division of labor through the household production function and outside the household. Fertility is the natural capability of giving life As a measure "Fertility Rate" is the number of children born per couple person or population Altruism is selfless concern for the welfare of others It is a traditional Virtue in many cultures and central to many religious traditions 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 Division of labour or specialization is the specialization of cooperative labour in specific circumscribed tasks and roles intended to increase the Productivity Consumers often choose not directly from the commodities that they purchase but from commodities they transform into goods through a household Production function.
- mate selection and marriage
- divorce, marriage, and imperfect information
- family background and opportunities of children. Assortative mating (also called assortative pairing) takes place when sexually reproducing Organisms tend to Mate with individuals that are like 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
- intergenerational mobility and inequality (including the bequest motive)
- human capital, social security, and the rise and fall of families
References
- Gary S. A bequest motive seeks to provide an economic justification for the phenomenon of gratuitous intergenerational transfers of wealth. Human capital refers to the stock of skills and knowledge embodied in the ability to perform labor so as to produce Economic value. Social security primarily refers to a Social insurance program providing social protection or protection against socially recognized conditions including poverty old Becker (1981, Enlarged ed. , 1991). A Treatise on the Family. A Treatise on the Family is a book by Nobel-winning economist Gary Becker. Cambridge, MA: Harvard University Press. ISBN 0-674-90698-5. Publisher's description & preview.
- _____ (1987). "family," The New Palgrave: A Dictionary of Economics, v. The New Palgrave A Dictionary of Economics (1987 is a 4-volume reference edited by John Eatwell, Murray Milgate and Peter Newman 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 New Palgrave: A Dictionary of Economics, v. The New Palgrave A Dictionary of Economics (1987 is a 4-volume reference edited by John Eatwell, Murray Milgate and Peter Newman 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. Theodore William Schultz ( April 30, 1902 February 26, 1998) was the 1979 winner (jointly with William Arthur Lewis) of the Nobel (1974). Economics of the Family: Marriage, Children, and Human Capital, Chicago, University of Chicago Press
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