chapter  1
6 Pages

Household Economics and Production, Consumer Behaviour and Economic Policy: Overview

ByTran Van Hoa

Economics was originally and literally a study of the household. Household economics is therefore not a new development. However, the concept of household and non-market economics and household production was pioneered or popularized only recently by the seminal contributions of several eminent economists. These include Gary Becker in the United States in the 1960s, Duncan Ironmonger with his work (1957-1960) at Cambridge University in England and in Australia, and Kelvin Lancaster (a United States citizen of Australian origin) in the early 1970s. Since then, household economics and production have developed into an important area of modern economics incorporating market and non-market components with fast up-take worldwide in education, research and training.