Feminist Economics: Rethinking Wealth, Work, and Power

Feminist economics is a branch of economics that critiques traditional economic theories for being gender-biased and seeks to address issues related to gender inequality in economic systems. It challenges mainstream economics, which often assumes that markets and economic agents are gender-neutral, and instead highlights how economic policies, labor markets, and social structures disproportionately affect men and women differently.

Feminist economists call attention to the social constructions of traditional economics, questioning the extent to which it is positive and objective, and showing how its models and methods are biased by an exclusive attention to masculine-associated topics and a one-sided favoring of masculine-associated assumptions and methods. While economics traditionally focused on markets and masculine-associated ideas of autonomy, abstraction and logic, feminist economists call for a fuller exploration of economic life, including such "culturally feminine" topics such as family economics, and examining the importance of connections, concreteness, and emotion in explaining economic phenomena.

Critiques of traditional economics

Although there is no definitive list of the principles of feminist economics, feminist economists offer a variety of critiques of standard approaches in economics. For example, prominent feminist economist Paula England provided one of the earliest feminist critiques of traditional economics as she challenged the claims that:

1. That interpersonal utility comparisons are impossible;
2. That tastes are exogenous and unchanging;
3. That actors are selfish; and
4. That household heads act altruistically.

This list is not exhaustive but does represent some of the central feminist economic critiques of traditional economics, out of the wide variety of such viewpoints and critiques.

Key Aspects of Feminist Economics:

1. Unpaid Labor & Care Work: Traditional economics often ignores or undervalues unpaid work such as childcare, elder care, and household labor, which are disproportionately done by women. Feminist economists argue that this labor is essential to economic functioning and should be recognized in economic models and policies.
2. Gender Wage Gap & Labor Markets: Feminist economics studies how discrimination, occupational segregation, and social norms contribute to wage disparities between men and women. It advocates for policies like pay equity, parental leave, and workplace flexibility.
3. Intersectionality: It recognizes that economic inequality is not just about gender but also about race, class, disability, and other social factors that shape people's experiences in the economy.
4. Alternative Economic Models: Feminist economists often advocate for policies that promote well-being, sustainability, and equity rather than focusing solely on GDP growth and market efficiency. This includes ideas like Universal Basic Income, social welfare policies, and collective care models.
5. Challenging Economic Assumptions: Mainstream economics often assumes that individuals act rationally and selfishly in markets. Feminist economists argue that this perspective ignores social relationships, cooperation, and the role of emotions in economic decisions.

Key Aspects of Feminist Economics:

1. Unpaid Labor & Care Work: Traditional economics often ignores or undervalues unpaid work such as childcare, elder care, and household labor, which are disproportionately done by women. Feminist economists argue that this labor is essential to economic functioning and should be recognized in economic models and policies.
2. Gender Wage Gap & Labor Markets: Feminist economics studies how discrimination, occupational segregation, and social norms contribute to wage disparities between men and women. It advocates for policies like pay equity, parental leave, and workplace flexibility.
3. Intersectionality: It recognizes that economic inequality is not just about gender but also about race, class, disability, and other social factors that shape people's experiences in the economy.
4. Alternative Economic Models: Feminist economists often advocate for policies that promote well-being, sustainability, and equity rather than focusing solely on GDP growth and market efficiency. This includes ideas like Universal Basic Income, social welfare policies, and collective care models.
5. Challenging Economic Assumptions: Mainstream economics often assumes that individuals act rationally and selfishly in markets. Feminist economists argue that this perspective ignores social relationships, cooperation, and the role of emotions in economic decisions.

Impact of Feminist Economics:

Feminist economic ideas have influenced policies like paid family leave, workplace anti-discrimination laws, and the inclusion of unpaid labor in measures like the GDP. It has also pushed for more inclusive economic research that accounts for diverse experiences.