The "New Home Economics:" Retrospects and Prospects

Problems with models used to investigate the economics of the household are described. Special emphasis is given to the issue of rationality in the allocation of time, the appropriateness of the family as the relevant unit, and the importance of life-cycle changes. Contributions economists can make...

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Bibliographic Details
Published in:The Journal of consumer research 1977-06, Vol.4 (1), p.19-28
Main Authors: Ferber, Marianne A., Birnbaum, Bonnie G.
Format: Article
Language:English
Subjects:
Consumption
Decision making
Dwelling value
Earnings
Economic value
Economics
Economists
Home economics
Homes
Households
Housekeeping
Housewives
Housework
Human capital
Husbands
Labor market
Labor markets
Political economy
Spouses
Studies
Wives
Women
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Summary:Problems with models used to investigate the economics of the household are described. Special emphasis is given to the issue of rationality in the allocation of time, the appropriateness of the family as the relevant unit, and the importance of life-cycle changes. Contributions economists can make using the "new home economics" to provide a basis for rational decision making are discussed.
ISSN:0093-5301
1537-5277
DOI:10.1086/208675