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Families: Economic Functions and Decision-Making

In: Family Economics and Public Policy, 1800s–Present

Author

Listed:
  • Megan McDonald Way

    (Babson College)

Abstract

This chapter introduces readers to the field of family economics. It defines “family” from an economics perspective and then details the economic functions of the family: human capital creation, social capital creation, household production of goods and services, economies of scale and public goods provisioning, consumption and savings decisions, and risk-sharing and self-insurance. Then it looks at three models of household decision-making: altruism, bargaining, and exchange. The way economists would analyze public policies depends on assumptions about families’ decision-making, and the chapter illustrates how the different models affect policy analysis.

Suggested Citation

  • Megan McDonald Way, 2018. "Families: Economic Functions and Decision-Making," Palgrave Studies in American Economic History, in: Family Economics and Public Policy, 1800s–Present, chapter 0, pages 23-44, Palgrave Macmillan.
    • Handle: RePEc:pal:psichp:978-1-137-43963-5_2
    DOI: 10.1057/978-1-137-43963-5_2
    as

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