Economics of the Family

Economics of the family studies how families make decisions about resource allocation—such as time, money, and effort—to maximize their well-being. It examines how family members choose to work, spend, save, and invest, considering factors like income, costs, and preferences. The field also explores issues like bargaining, power dynamics, and the impact of policies on family choices. Essentially, it applies economic principles to understand how families manage limited resources to meet their collective needs and objectives, balancing individual goals with shared responsibilities.