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family economics
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by
Steven
N.
Durlauf
and
Lawrence
E.
Blume
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Abstract
Family economics is the application of the analytical methods of microeconomics to family behaviour. It aims to improve our understanding of resource allocation and the distribution of welfare within the family, investment in children and inter-generational transfers, family formation and dissolution and how families and markets interact. In family economics, non-market interactions are crucial for family behaviour and individual welfare.
Keywords
altruism; Becker, G.; child nutrition and mortality; collective models of the household; demographic transition; family decision-making; family economics; family planning; fertility in developed countries; fertility in developing countries; human capital; intergenerational income mobility; intergenerational transfers; intrahousehold welfare; labour supply; Malthus, T.; marriage and divorce; Rotten Kid Theorem; shadow pricing; women's work and wages
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How to cite this article
Ermisch, John. "family economics." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 23 May 2013 <http://www.dictionaryofeconomics.com/article?id=pde2008_F000292> doi:10.1057/9780230226203.0550
