economy

Economists increasingly highlight the paid and unpaid work of looking after children, the sick, and the elderly as a huge but undervalued part of the economy.

What name is given to this sector of caregiving work?

Q: What name is given to this sector of caregiving work?

The care economy. The care economy covers childcare, healthcare, and elder care, much of it unpaid and done by women. The ILO estimates unpaid care work would be worth trillions of dollars if it were counted in GDP.

The care economy ✓
The gig economy
The blue economy

The care economy
The care economy covers childcare, healthcare, and elder care, much of it unpaid and done by women. The ILO estimates unpaid care work would be worth trillions of dollars if it were counted in GDP.

The care economy is the name economists give to the work of raising children, nursing the sick, and supporting elderly or disabled relatives, whether done by paid professionals or unpaid family members, usually women, at home. Because so much of it happens outside formal wages, it rarely shows up in GDP statistics, even though societies could not function without it, and its scale rivals major paid industries.

The gig economy refers to short-term freelance and platform-based work like ride-hailing or delivery jobs, a completely different labor category built around flexible paid contracts. The blue economy refers to industries built around oceans and marine resources, such as fishing and shipping, with no connection to caregiving at all.

Some countries have begun experimenting with folding estimated unpaid care work into satellite national accounts, a step toward finally putting a number on labor that has always existed but never been formally counted.

▶ Quration Play

economy

Which country ran this widely studied basic income experiment?What is this proposed levy commonly called?What is this trend of bringing manufacturing back to a company's home country called?What name describes shifting supply chains toward trusted, allied countries?Which country became the top supplier of US goods imports in 2023?What minimum corporate tax rate does this 'Pillar Two' agreement set for large multinationals?Which country dominates the processing of rare earth elements?What is this landmark 2022 US climate-and-energy law called?What is this type of trade, which excludes physical goods, called?What is this segment of short-term, app-based, or freelance work commonly called?Which law did the Court say could not be used to justify those tariffs?Which waterway had its traffic drastically restricted due to a historic drought?

Quration — Quration Play