The participation of women in the U.S. labor force has risen dramatically since

Question

The participation of women in the U.S. labor force has risen dramatically since 1970. How do you think this rise affected GDP? Imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change in this measure of well-being compare to the change in GDP? Are there any other aspects of well-being that are associated with the rise in women's labor-force participation. Would it be practical to construct a measure of well-being that includes these aspects?

Explanation / Answer

A) The increased labor-force participation of women has increased GDP in the United States, because it means more people are working and production has increased.
B) If our measure of well-being included time spent working in the home and taking leisure, it would not rise as much as GDP, because the rise in women's labor-force participation has reduced time spent working in the home and taking leisure.
C) Other aspects of well-being that are associated with the rise in women's increased labor-force participation include increased self-esteem and prestige for women in the workforce, especially at managerial levels, but decreased quality time spent with children, whose parents have less time to spend with them. Such aspects would be quite difficult to measure.

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