Feminist economics

Feminist economics challenges the neoclassical assumptions of rational, self-interested individuals and the primacy of market exchange. It highlights the androcentric bias in economic models that ignore unpaid domestic labor, caregiving, and the household as a site of production. The concept of the care economy is central, encompassing activities that sustain human life and well-being, often performed disproportionately by women. Feminist economists argue that mainstream measures like GDP fail to capture these contributions, leading to policy distortions that undervalue social reproduction.

They also critique the gender wage gap, occupational segregation, and the 'double burden' of paid and unpaid work. By integrating gender as a category of analysis, feminist economics seeks to make visible the power relations that shape economic outcomes, advocating for policies such as paid parental leave, affordable childcare, and equal pay legislation.

Feminist economists employ diverse methodologies, including qualitative research, participatory methods, and interdisciplinary approaches, to capture lived experiences often omitted from quantitative models. They have developed alternative indicators like the Genuine Progress Indicator and the Inequality-adjusted Human Development Index to better reflect well-being. The capability approach, pioneered by Amartya Sen and Martha Nussbaum, has been influential, focusing on what individuals can do and be rather than merely on income or consumption.

Feminist economics also emphasizes the importance of social norms and institutions in shaping economic behavior, challenging the assumption of gender-neutral markets. This methodological pluralism has enriched economic analysis, though it has sometimes been marginalized by mainstream economics departments.

Feminist economics has informed international development policies, including the United Nations' Sustainable Development Goals (SDGs), particularly Goal 5 on gender equality and Goal 8 on decent work. It has contributed to debates on austerity, trade liberalization, and climate change, showing how these issues disproportionately affect women. The field has also influenced national accounting reforms, with some countries now including unpaid care work in satellite accounts.

In the Global South, feminist economists have highlighted the gendered impacts of structural adjustment programs and the importance of women's informal work. They have advocated for universal social protection and care infrastructure as investments rather than costs. The COVID-19 pandemic underscored these insights, as women bore the brunt of increased care burdens and economic precarity.

Beyond its well-known critiques, feminist economics has explored topics such as the economics of the family, the gender dimensions of financial crises, and the role of emotions in economic decision-making. It has also engaged with ecological economics, arguing that the exploitation of women and nature are interconnected. Notable but less-publicized contributions include the work of Marianne Ferber and Julie Nelson, who edited the foundational anthology Beyond Economic Man, and the pioneering research of Nancy Folbre on the 'invisible heart' of care.

The field has also addressed the economics of sexuality and the gendered nature of entrepreneurship, as well as the impact of microfinance on women's empowerment, with mixed findings. Feminist economists have been critical of mainstream development indicators, proposing alternatives like the Social Institutions and Gender Index. These diverse strands demonstrate the field's breadth, yet they remain underrepresented in standard economics curricula.

Care economy

The sector of unpaid and paid work that involves caring for others, including childcare, eldercare, and household tasks.

Double burden

The situation where women perform both paid work and a disproportionate share of unpaid domestic and care work.

Capability approach

A framework that evaluates well-being by people's real freedoms to achieve valuable functionings, rather than by income or utility.

Genuine Progress Indicator

An alternative metric to GDP that accounts for environmental degradation, income inequality, and unpaid work.