It used to be that a typical marriage involved specialized roles for the husband and wife. Usually he was in the marketplace, and she was in the home, and this arrangement led to maximum productivity.Read the complete New York Times article here.
But today, when families have easy access to prepared foods, inexpensive off-the-rack clothing and labor-saving technology from the washing machine to the robot vacuum cleaner, there’s much less benefit from either spouse specializing in homemaking. Women, now better educated and with greater control over their fertility, are in the marketplace, too, and married couples have more money, more leisure time and longer lives to spend together. Modern marriages are based not on the economic benefits of playing specialized roles but on shared passions.
This new model of “hedonic marriage” has had an effect on who marries, and when — as research I have conducted with my better half, the economist Betsey Stevenson, has documented. In the old days, opposites attracted; an aspiring executive groom would pair up with a less-educated bride. And they would wed before the stork visited and before the couple made the costly investment of putting the husband through business school.
But today, that same young executive would more likely be half of a power couple, married to a college-educated woman who shares his taste in books, hobbies, travel and so on.
Correcting misconceptions about markets, economics, asset prices, derivatives, equities, debt and finance
Wednesday, October 13, 2010
Technological Advancements Created The Hedonic Marriage
Posted By Milton Recht
From New York Times, "How Marriage Survives" by Justin Wolfers:
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