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The care economy and macroeconomic outcomes: a structuralist approach

Author

Listed:
  • Mark Setterfield

    (Department of Economics, New School for Social Research, USA)

Abstract

Inspired by feminist macroeconomics, this paper shows how a Marx-Keynes-Schumpeter (MKS) macrodynamic system can be augmented by simple models of the care economy. To this end, an MKS model of steady-state growth and distribution is extended to include: first, a model of unpaid domestic care-giving within the household; and second, a model of household acquisition of marketed care services. It is shown that the care economy affects basic macroeconomic outcomes, such as labour productivity, aggregate demand formation, and the steady-state growth rate. The chief conclusion is that the care economy should be the subject of more routine attention in macroeconomic theory.

Suggested Citation

  • Mark Setterfield, 2026. "The care economy and macroeconomic outcomes: a structuralist approach," Working Papers 2603, New School for Social Research, Department of Economics.
    • Handle: RePEc:new:wpaper:2603
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    File URL: https://repec.economicpolicyresearch.org/econ/2026/NSSR_WP_032026.pdf
    File Function: First version, 2026
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    More about this item

    Keywords

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    JEL classification:

    • B54 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Feminist Economics
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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