The economics of household decision-making about marriage, divorce, fertility and labour market participation, the limitations of GDP as a measure of wellbeing, and measures of human, social and natural capital.
New Zealand has experienced a rapid change in family structures over the last decade
towards greater diversity in families, including single parenthood, parents who do
not live with their children but are still involved, etc. Economic reasoning can help
explain the dramatic changes that have occurred, both in New Zealand and around the
world by analysing household decisions related to marriage and cohabitation, divorce,
labour market participation of women, and childbearing.
These decisions
have an important impact on income and the overall wellbeing of the society, which
will be the subject of the latter part of the course. New Zealand's Wellbeing
Budget in 2019 has been internationally recognised as part of the growing global awareness
of the different dimensions of wellbeing and the need to develop meaningful measures
other than Gross Domestic Product. The Wellbeing Budget draws on the Government's
Living Standards Framework, which focuses on people's capabilities to live the
life they value and have reasons to value, based on Sen's 'capabilities approach'.
Overall, the Economics of Households and Wellbeing will provide graduates with the
skills to comprehend and critically assess how households make economic choices and
the changes in societal structures and wellbeing, which allows for informed discourse
and policy making.
| Paper title | Special Topic: Economics of Households and Wellbeing |
|---|---|
| Paper code | ECON351 |
| Subject | Economics |
| EFTS | 0.15 |
| Points | 18 points |
| Teaching period | Semester 2 (On campus) |
| Domestic Tuition Fees (NZD) | $887.55 |
| International Tuition Fees | Tuition Fees for international students are elsewhere on this website. |
- Prerequisite
- ECON 201 or ECON 271
- Schedule C
- Arts and Music, Commerce, Science
- Contact
- Teaching staff
- Textbooks
Required: Saul D. Hoffman and Susan Averett (2015) Women and the Economy: Family, Work and Pay, 3rd edition, Macmillan International Higher Education (ISBN 9781137477033).
Other key readings include: NZ Treasury reports (accessible online) and chapters from a selection of other books (available via e-Reserve).- Graduate Attributes Emphasised
Global perspective, Interdisciplinary perspective, Communication, Critical thinking, Research, Self-motivation.
View more information about Otago's graduate attributes.- Learning Outcomes
Students who successfully complete the paper will have developed a range of subject-specific knowledge and skills. They will be able to
- Discuss the economic theory of marriage, the reasons and consequences of divorce, the relationship between marriage and the relative earnings of men and women
- Discuss the economic explanations for the recent trends in fertility
- Describe and explain the recent trend in women’s labour market participation
- Explain the gender gap in earnings in a variety of settings
- Discuss the strength and weaknesses of GDP as a measure of wellbeing
- Discuss Sen's capabilities approach
- Describe and analyse the Solow growth model
- Describe the components of human, social and natural capital
Timetable
The economics of household decision-making about marriage, divorce, fertility and labour market participation, the limitations of GDP as a measure of wellbeing, and measures of human, social and natural capital.
In 2019, New Zealand released its first Wellbeing Budget in an effort to focus on dimensions of wellbeing other than GDP. The Wellbeing Budget builds on the Government’s Living Standards Framework, which encompasses different domains of wellbeing such as health, safety, environmental amenity, housing etc. as well as institutions and the four capital stocks of financial capital, natural environment, human capability and social cohesion.
The second part of the course focuses more closely on the rapid change in family structure in New Zealand over the last decade towards greater diversity in families, including single parenthood, parents who do not live with their children but are still involved etc. Economic reasoning can help explain the dramatic changes that have occurred, both in New Zealand and around the world by analysing household decisions related to marriage, divorce, labour market participation of women etc.
| Paper title | Special Topic: Economics of Households and Wellbeing |
|---|---|
| Paper code | ECON351 |
| Subject | Economics |
| EFTS | 0.15 |
| Points | 18 points |
| Teaching period | Not offered in 2023 (On campus) |
| Domestic Tuition Fees | Tuition Fees for 2023 have not yet been set |
| International Tuition Fees | Tuition Fees for international students are elsewhere on this website. |
- Prerequisite
- ECON 201 or ECON 271
- Schedule C
- Arts and Music, Commerce, Science
- Contact
- Teaching staff
- Textbooks
Required: Saul D. Hoffman and Susan Averett (2015) Women and the Economy: Family, Work and Pay, 3rd edition, Macmillan International Higher Education (ISBN 9781137477033).
Other key readings include: NZ Treasury reports (accessible online) and chapters from a selection of other books (available via e-Reserve).- Graduate Attributes Emphasised
Global perspective, Interdisciplinary perspective, Communication, Critical thinking, Research, Self-motivation.
View more information about Otago's graduate attributes.- Learning Outcomes
Students who successfully complete the paper will have developed a range of subject-specific knowledge and skills. They will be able to:
- Discuss New Zealand’s Wellbeing Budget and the Living Standards Framework
- Describe the economic theory and evidence for human capital, financial capital and natural capital.
- Discuss Sen’s capabilities approach.
- Discuss the economic theory of marriage, the reasons and consequences of divorce, the relationship between marriage and the relative earnings of men and women.
- Discuss the economic explanations for the recent trends in fertility.
- Explain the gender gap in earnings in a variety of settings.
