Choices made in macroeconomic policies - such as government
spending, taxation, monetary policy and financial regulation - have
distinct distributive consequences for women and men. They also
shape the constraints within which efforts to advance gender
equality must operate. The implications of gender dynamics for
macroeconomics extends beyond consideration of distributive
outcomes. The unpaid and non-market work that women perform -
running a household, bringing up children - is unrecognized and
uncounted in macroeconomic variables used to formulate policy. Yet
the economic consequences of these unpaid activities are
far-reaching: contributing to the well-being of society, affecting
productive activities in the market economy and creating the
foundation for the long-run sustainability of our economies. It has
long been assumed that economic growth and women's growing
participation in the paid workforce would eventually take care of
gender inequalities, and yet there is little evidence that faster
growth will achieve this. In addition it ignores the valuable and
quantifiable role that the unpaid work of women for their families
contributes to the economy. James Heintz tackles the shortcomings
of macroeconomics in relation to gender dynamics and challenges the
dominant methods and measurements, suggesting new ways of framing
macroeconomic concepts. He concludes by considering implications
for how this new way of thinking could transform policymaking in
the future.
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