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Business Daily
How Economists Forgot Housework
May 3, 2018
Feminist economists argue for the inclusion of housework in GDP stats to recognize its value. Hannah Peaker and Joyce Jacobsen discuss Adam Smith's oversight, challenges faced by the Women's Equality Party, and the need to value caretaking and housework in economic discourse.
17:53
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Quick takeaways
- Unpaid housework by women significantly contributes to the economy but is often undervalued in economic measurements.
- Including unpaid housework in economic calculations challenges traditional GDP measurements and requires a shift in societal perceptions.
Deep dives
Importance of Recognizing Unpaid Housework
Unpaid housework, including cooking, cleaning, and caring, plays a crucial role in the economy but is often overlooked. Traditional economic measurements ignore the significant contribution of unpaid labor, predominantly performed by women, in maintaining households and supporting economic activities. Feminist economics advocates for the inclusion of unpaid housework in economic calculations to accurately reflect the true value of household contributions to the economy.
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