The "New Home Economics:" Retrospects and Prospects

Authors:
  • MFMarianne A. Ferber
    Marianne A. Ferber
  • BBBonnie G. Birnbaum
    Bonnie G. Birnbaum
Publisher website
Google Scholar
Abstract
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.