The Economics of the Family and Family Policy

The Economics of the Family and Family Policy

Francisco Cabrillo

This comprehensive and authoritative book offers a global approach to the modern economics of the family, family law and family policy. Beginning with the division of labour in the family, this book deals with the economics of marriage, the demand for children, inter-generational relationships, and the economics of inheritance. The family is analysed using the theory of utility maximisation assuming that individuals wish to achieve the greatest possible satisfaction with limited resources and imperfect knowledge. The family is examined from both long and short term perspectives, and it is assumed that the family is cooperative with incentives for altruistic behaviour greater than in any other social group.

Glossary of economic terms

Francisco Cabrillo

Subjects: development studies, family and gender policy, politics and public policy, public policy, social policy and sociology, family and gender policy

Extract

Page 176 Glossary of economic terms ceteris paribus   a condition which is often established in economics that requires the elimination of the influence of any variable—except for the one under study—from  the results obtained. comparative advantage (principle of)   in accordance with this principle, a person specializes in the production of those goods and services that he or she can make or  provide at a relatively lower cost. consumer goods   products which reach domestic consumers and provide utility. demand function   mathematical relationship between the demand for a commodity and its price, the prices of other goods and the consumer’s income and taste.  efficiency   a situation or practice which are considered efficient in economics when they achieve the greatest possible productivity or satisfaction through scarce  resource utilization. elasticity   measurement of the degree to which change in one variable affects another (for example, the degree to which an increase in price or in income affects the  demand for a good). externalities   costs that are external to a firm or a person, in the sense that they do not enter into the firm’s or person’s cost of production calculation (external  diseconomies) or benefits that do not yield any revenue to the firm or person in question (external economies). free rider   strategy whereby a person aims to enjoy the benefits that a given activity or investment provide without contributing to their financing.  game theory   branch of mathematics, with many applications in the field of economics, that studies strategies for behaviour in situations of...

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