"Family economics applies economic concepts such as production, division of labor, distribution, and decision making to the family."
This subfield studies economic factors affecting individuals and families, including budgeting, savings, and investment.
Budgeting: The process of creating a spending plan for personal or household expenses, taking into account income and expenses.
Savings: The act of setting aside money or resources for future use or emergencies.
Credit and debt management: The management of borrowing, lending, and debt repayment, including credit scores, loans, and credit cards.
Investing: The process of using money to make more money, such as through stocks, bonds, or real estate.
Insurance: The practice of protecting against financial loss or damage, such as through health insurance, car insurance, or homeowners insurance.
Taxes: The payment of money to the government based on income or purchases, including federal and state taxes, and tax deductions and credits.
Housing and real estate: The process of finding, purchasing, and maintaining a home, including mortgages, rent payments, and property taxes.
Consumer behavior: The study of how people make decisions about what to buy, including factors such as price, quality, and brand loyalty.
Nutrition and health: The study of how food and lifestyle choices impact health, including nutrition education, diet planning, and disease prevention.
Parenting and child development: The process of raising children and supporting their growth and development, including topics such as child psychology, education, and discipline.
Estate planning: The process of preparing for the transfer of assets after death, including wills, trusts, and inheritance laws.
Retirement planning: The process of preparing for financial security in retirement, including savings plans, pension plans, and Social Security benefits.
Time management: The practice of using time effectively and efficiently, including prioritizing tasks, setting goals, and avoiding procrastination.
Legal issues: The understanding of laws and regulations that impact personal and family life, including topics such as divorce, custody, and contracts.
Work and career: The process of finding and maintaining employment, including job search strategies, workplace culture, and professional development.
"Important exceptions are Thomas Robert Malthus' model of population growth and Friedrich Engels' pioneering work on the structure of the family."
"Since the 1960s, family economics has developed within mainstream economics, propelled by the new home economics started by Gary Becker, Jacob Mincer, and their students."
"Standard themes include altruism in the family, child health and mortality, family organization, background, and opportunities for children, fertility and the demand for children in developed and developing countries."
"Human capital, social security, and the rise and fall of families."
"Mate selection, search costs, marriage, divorce, and imperfect information."
"Altruism in the family, including the rotten kid theorem."
"Outcomes unique to the family—such as marriage, the decision to have children, fertility, time devoted to domestic production, and dowry payments using economic analysis."
"Intergenerational mobility and inequality, including the bequest motive."
"Interrelation and trade-off of 'quantity' and 'quality' of children through investment of time and other resources of parents."
"Child health and mortality."
"Macroeconomics of the family."
"Fertility and the demand for children in developed and developing countries."
"Family organization, background, and opportunities for children."
"The decision to have children, fertility, time devoted to domestic production."
"Sexual division of labor, intra-household bargaining, and the household production function."
"Outcomes unique to the family—such as dowry payments using economic analysis."
"Thomas Robert Malthus' model of population growth."
"Human capital, social security, and the rise and fall of families."
"Several surveys, treatises, and handbooks are available on the subject of family economics."