Becker's Economic Theory of Family

Becker's Economic Theory of Family views family decisions—like marriage, work, and child-rearing—as choices made to maximize overall well-being. People weigh costs and benefits, such as earning income versus spending time with family. For example, parents decide how much to work or care for children based on which option enhances their family’s overall happiness and economic stability. The theory highlights how economic incentives influence family behavior, emphasizing that individuals act strategically to allocate resources and time efficiently to achieve their goals of well-being and stability.