ECO 2111 Lecture Notes - Lecture 2: Capital Accumulation, Domestic Violence, Comparative Advantage
20 Dec 2017
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Document Summary
In canada there are more married couples than single men and women. In 2011, 56% of women and 59% of men were married. Central institution in the adult life of a woman voluntary. Better off in marriage than when single. Financial stability, public goods, emotional support, risk pooling, specialization, economies of scale. Traditional economics focus on production: men and women vary in terms of skills, expectations and opportunities, men: breadwinner, female: homemaker. Adult members maximize utility of all its members by making rational and informed decisions. Economic tools allow us to understand division of labor between husband and wife. Majority of the population live in married-couple family. Combination of goods that will maximize the utility of its members. Two goods: market goods and household produced goods (g) Time is needed for paid work, income to purchase market goods. Time is needed for home production of goods. We reallocate time between family members in order to make everyone better off.
