Abstract

In 1965, Gary Becker published an article entitled “A Theory of the Allocation of Time” that called attention to the productivity of nonmarket work. Laying an important cornerstone of the “new home economics,” Becker extended neoclassical economic theory beyond the traditional realm of consumer choice. He also reinforced its most reassuring claim: Individuals pursuing their own self-interest by maximizing their utility make choices that are efficient not only for them, but also for society as a whole. Related contributions by Jacob Mincer (1962) and Reuben Gronau (1973, 1977, 1980) clarify the implications for gender roles: Women choose to specialize in nonmarket production within the home because this represents their best option.

Efforts to restrict or modify such choices would likely impose efficiency losses on society as a whole.

https://www.taylorfrancis.com/chapters/mono/10.4324/9780203411650-11/theory-misallocation-time-michael-bittman-nancy-folbre