Valuing care

Abstract

Both unpaid and paid care work represent important contributions to economic and social well-being, but how should we assign a value to them? Measuring both in terms of some common denominator can help us assess their relative importance and understand their joint outcomes, and estimates of the time devoted to care activities provide one such common denominator. Estimates of time use can be valued in monetary terms by reference to some market equivalent, such as an hourly wage rate. Although efforts to provide accurate monetary valuation of nonmarket work yield only approximate results, they shine a bright light on otherwise hidden dimensions of care provision. © 2012 by the Russell Sage Foundation. All rights reserved.