econ test 1

Feminist Economics

A school of economic thought, which is centered on power, patriarchy, and social provisioning in its theories and research.

Stratification economics

Highlights wealth inequality as a result of discrimination and oppressions. Overlaps with feminist economics because of its criticisms of mainstream economics for ignoring group inequalities.

Focuses on racism often.

What percentage of economics majors are women?

35%

Why are women underrepresented in economics?

Women’s aversion to math, sensitivity to low grades, lack of mentors in the field, or topics that aren’t interesting.

Leaky Pipeline:

Hositlity in the field, parental leave.

Epistemology

The theory of knowledge, concerned with the mind’s relation to reality.

“Do we know things? If we do, how and when do we know things?”

Features of Positivism

If we systematically and dispassionately observe the state of the world, we can detect lawful patterns.

Features of Post-Modernism

Knowledge is valid only relative to a specific context, society, culture, or individual.

• More radical in it’s rejection of a broader truth.

Features of Critical Realism:

Asserts that the world exists independently of our thinking about it and has a nature that is deeper than our immediate comprehensions of it.

Features of Standpoint

All knowledge is constructed from a specific position, and what a knower can see is shaped by the location from which that knower’s inquiry begins. Emotions such as empathy and attachment become useful guides in asking and answering questions.

• Focused on the individual rather than context broadly. More focused on the knower.

Who is the key agents in microeconomic models

individuals and firms

key agents of macroeconomics

nations and governments

perfectly competitive market

• Lots of sellers and buyers

• Buyers and sellers have full information and are rational

• Make the same choice every time, but will always do what makes them happy.

• No buyer or seller has control of the market.

What is the rational economic man

A fully formed economic unit, who’s preferences are fully developed, is fully active and self-contained.

• no childhood,

• no dependents

• no environmental effects (EXOGENOUS PREFERENCES)

Critique: People are not born with their preferences

Feminist critiques of macroeconomics

Genderblind, care blind, macroeconomics are heavily dependent on carework.

There is a two way causaltiy between gender and macroeconomics.

What is social provisioning

The processes by which a society provides for the material and non-material needs of their members.

• food, healthcare, housing, social support, etc.

Can take place through: market based transactions, governmental programs, community initiatives, care-giving and support networks

5 components of feminist economics

1. Incorporation of caring and unpaid labor as fundamental economic activities.

2. Use of well-being as a central measure of economic success.

3. (Power Relations) Analysis of economic, political, and social processes and power relations.

4. (inclusions of emotions and values) inclusion of ethical goals and values as an intrinsic part of the analysis.

5. (Intersectionality) Interrogation of differences by class, race-ethnicity, and other factors.

Example of reproductive labor

Reproductive labor encompasses activities that are necessary for the reproduction of the labor power and the reproduction of society but do not necessarily produce commodities for the market.

• Cooking dinner for family, caring for a family member

What is a prisoner of love? example?

Paid care workers often develop an attachment to those they care for, which keeps them from utilising their bargaining power, which ultimately keeps their wages low.

• Many nurses/teachers feel unable to go on strike in that their strike will impact the well-being of those they care for.

What does the Domestic Workers Bill of Rights guarantee

Overtime pay for domestic workers.

What is a global care chain?

Refers to a situation in which caregiving responsibilities are transferred from one household to another, often with wealthier families pushing care work onto low-income immigrant women, who then have to push their care work onto even poorer women.

What is the role of the dawn of agriculture in patriachy?

The dawn of agriculture made many societies more patriarchal.

Descendant societies that utilised plough agriculture have less equal gender norms today.

labor theory of value

the value of a commodity can be measured by the labor that is required to produce said commodity.

What is social reproduction theory and give an example

What is it?

• Who creates labor power? Who creates the worker? Activities, behaviours, responsabilities directly involved in maintaining life, occuring on a daily basis. Examines the social processes connected to the capitalist system.

Example:

• The biological reproduction of people.

• Cleaning and caring tasks.

  • Slavery and immigration.

What is GDP and give two criticisms:

What is GDP:

• GDP is the market value of all goods and services bought and sold within the territory of an economy.

Criticisms:

• Does not consider depreciation. Does not consider environmental degradation.

  • If you marry your housekeeper, GDP goes down. If you put your grandma in a home, GDP goes up.

Components of the HDI

• Life expectancy

• Mean years of schooling

• Expected years of schooling

  • Gross national income per capita.

Three broad components of the Genuine Progress indicator?

• Social indicators

• Economic indicators

• Environmental indicators.