The Economics of Love and Marriageâ€¦ We need love for our country and for our communities. People often complain about the absence of love in their communities. This is a type of macroeconomic love. But what about microeconomic love? I think that to achieve good macroeconomic love which seeks to promote community and national progress, we need first to love ourselves. After all, we are told by the Holy bible and I am sure also by the Quran to love our neighbors as we love ourselves. Well, right there you have it. If you don't love yourself you would probably never love your neighbor. So love yourself first and then you may be able to love others, your community and your nation. Guess what, loving your neighbor, your community and your nation, assuming everyone else is also doing the same can work to maximize your satisfaction at the macro level. Incidentally, marrying someone and loving the person can also help to maximize your quality of life and happiness. The late Gary Becker of the University of Chicago used simple economic tools and high school algebra to discuss how seemingly irrational life choices and decisions could in fact be explained by rational choice theory. For example he showed that there exists a market in marriages since men and women compete as they seek mates. He also explained that men and women can be expected to derive more satisfaction from being married than from being single. In the market each person tries to find the best mate subject to market conditions. In this connection, Becker came up with a theory of marriage that says that each person will tend to pair with someone with whom the chances of maximizing their household production of goods and services are the highest. The set of household goods and services include tangible goods the market provides as well as non-market goods such as shared pastimes, or the joy of raising children. The coupleâ€™s level of satisfaction is determined both by market and non-market earnings. The theory suggests that while spouses are likely to differ in market earnings, people also tend to attract mates that are like themselves when it comes to other attributes such as education or physical attractiveness. This is easy to see since attributes like education and beauty are complementary while wage income can be substituted by one partner or the other. However, please understand that someone must provide the income. This is fundamental. So folks for the economics of love to work for you be sure to pay good attention to whether you will have the income to raise a family on and also if you and your partner are alike in the non market attributes. Ours hidden economics for you.
Posted: May 10th, 2016 @ 02:03:20 AM