A short review of Nancy Folbre, "Valuing Domestic Product" New York Times, May 28, 2012. - Term Paper Example

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A short review of Nancy Folbre, "Valuing Domestic Product" New York Times, May 28, 2012.

One of its major points is the significant economic effects of domestic work to the economy. This is because the unpaid domestic workers offers a supplementary role to the employed member of households, roles that would have been paid for if they were for example taken over by a house help. The article illustrates this with the example of marrying a paid worker thereby ceasing to pay. This will reduce the gross domestic product while a divorce in the arrangement to effect payments for the services would increase the gross domestic product. This identifies the significance of unpaid domestic work to the gross domestic product (Folbre, 2012). Another identified issue in the article is the undervaluation of the value of unpaid domestic works. One of the reasons for the underestimation of the unpaid domestic work is its equivalent rating with average rate for commercial household workers. The difference in family based skills, and probably self-interest in the unpaid domestic work, however illustrates a higher value for the unpaid work. As a result, published estimates are less than the actual value of unpaid domestic work. ...
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Summary

A short review of Nancy Folbre, “valuing domestic product” ‘Valuing domestic product,’ as was written by Nancy Folber and published in the New York Times on May 28, 2012, reviews economic aspects of unpaid domestic work. It focuses on the unpaid work by homemakers and the ignored economic value that the domestic labor holds…
Author : josefa13

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