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| Household economics | |
|---|---|
| Name | Household economics |
| Field | Economics |
| Related | Microeconomics, Welfare economics, Labor economics |
Household economics is the study of how private residences make choices about resource allocation, labor, consumption, and production within the family unit. It draws on theories developed by figures associated with Nobel Memorial Prize in Economic Sciences winners and institutions such as the London School of Economics, Massachusetts Institute of Technology, and University of Chicago. The field intersects with empirical approaches used by researchers at National Bureau of Economic Research, World Bank, and Organisation for Economic Co-operation and Development.
Household economics defines the household as a decision-making unit studied in contexts like the Great Depression, Industrial Revolution, and postwar transformations influenced by policies from the New Deal and programs evaluated by the European Commission. It encompasses topics examined by scholars at Harvard University, Princeton University, and Stanford University including resource allocation, welfare measurement, intergenerational transfers, and responses to shocks such as the 2008 financial crisis and the COVID-19 pandemic. Empirical work often uses data sources like the Current Population Survey, Panel Study of Income Dynamics, and Household, Income and Labour Dynamics in Australia survey.
Key models derive from the pioneering contributions of economists linked to Cowles Commission, Cowles Foundation, and the legacy of John Maynard Keynes debates; formal frameworks include the unitary model, bargaining models influenced by work at Institute for Advanced Study, and collective models inspired by research associated with the Institute of Labor Economics. The household production function traces roots to research appearing in journals edited by scholars from Journal of Political Economy, Quarterly Journal of Economics, and American Economic Review. Game-theoretic approaches draw on concepts from John Nash and institutions like the Princeton University mathematics department.
Analyses of decision-making reference empirical cases studied by researchers at Columbia University, Yale University, and University of California, Berkeley using methods popularized in seminars at Cowles Foundation and conferences convened by the Econometric Society. Studies consider bargaining dynamics, modeled after concepts explored by Amartya Sen-related work and frameworks employed in evaluations by the International Monetary Fund and United Nations. Behavioral extensions incorporate findings linked to experiments from RAND Corporation labs and field studies conducted in regions like Sub-Saharan Africa and South Asia under programs from Bill & Melinda Gates Foundation evaluations.
Investigations of labor supply and time use rely on empirical traditions established at University of Chicago and London School of Economics labor groups, with data drawn from the American Time Use Survey and multinational projects coordinated by the Organisation for Economic Co-operation and Development. Seminal theoretical contributions align with work tied to the Bureau of Labor Statistics and analyses related to shifts following legislation such as the Fair Labor Standards Act. Research into intrahousehold allocation of paid and unpaid work references case studies from Scandinavian countries and comparative work published by the European Central Bank and International Labour Organization.
Models of household income dynamics and consumption functions build on traditions linked to Milton Friedman and Irving Fisher, and empirical strategies connected to research at the National Bureau of Economic Research and Centre for Economic Policy Research. Studies of precautionary savings, liquidity constraints, and lifecycle behavior appear in findings disseminated by institutions like the Federal Reserve Board and Bank of England. Analyses of redistribution and taxation effects reference policy episodes such as reforms in Sweden, United Kingdom, and United States tax law debates involving the Internal Revenue Service and HM Revenue and Customs.
The household production approach models home production of commodities, drawing on methodological advances associated with scholars from Cornell University and University of Michigan and measurement practices used by the United Nations Statistical Commission. Empirical applications examine food preparation, childcare, and durable goods investment with case studies from Japan, Brazil, and India and program evaluations supported by the World Food Programme and United Nations Children's Fund. Consumption choice models connect to revealed preference work popularized through studies at the Cowles Foundation and experimental evidence produced at University of Pennsylvania.
Policy analysis evaluates how tax policy, transfers, childcare subsidies, and labor regulations affect household welfare; influential evaluations have been conducted by World Bank, International Monetary Fund, and national agencies such as the U.S. Department of Health and Human Services and Swedish Ministry of Finance. Welfare implications are assessed with tools from the Econometric Society and through randomized controlled trials implemented in partnership with Development Impact Evaluation groups and foundations like the Ford Foundation. Debates over policies reference landmark reforms in the Nordic model, conditional cash transfer programs like Bolsa Família, and social insurance designs debated at forums hosted by the G20.