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ECN 340 (200)
Lecture 6

Lecture 6


Department
Economics
Course Code
ECN 340
Professor
Thomas Barbiero
Lecture
6

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New Home Economics
The New Home Economics:
Family is a “firm
Transforms inputs and produces the things wanted by the family
The Marriage Contract:
Marriage is a legally enforceable contract between two people
It is an open-ended contract; not all eventual possibilities are spelled out
Marriage much like constitution
Purpose of dating is to work at provisions of the contract (some do not take enough time
to do this)
Poorly put together contract soon lead to dissolution
What are some of the misunderstandings that can occur in a marriage contract?
What would you include in the contract?
oCareer, children, etc
What are the obstacles to taking your spouse to court for breach of contract? Ex: Suing
him for not cutting the grass
oCould not have a proper relationship; marriage council a better option
Divorce is a dissolution of the contact, just like a break-up of a business
Investment in a marriage makes it more difficult to break-up
oChildren, joint mortgage/bank account, etc
Living together with the capacity to simply walk out may force the other party to be more
considerate
Costs and Benefits of Marriage:
Costs:
1. Independence
2. Making decisions in a family
Family decisions require input from all members. I.e. Buying a car
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