Economics of Love and Marriage

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Introduction: Love is an emotion that we feel for some fellow human beings. Love is a basic dimension of human experience that is variously conveyed as a sense of tender affection, an intense attraction, the foundation of intimacy and good interpersonal chemistry, willing self-sacrifice on behalf of another, and as an ineffable sense of affinity or connection to nature, other living beings, or even that which is unseen. According to Sri Aurobindo : “There is usually a hope of return, of benefit or advantage of some kind, or of certain pleasures and gratifications, mental, vital or physical that the person loved can give. Remove these things and the love very soon sinks, diminishes or disappears or turns into anger, reproach, indifference or even hatred”. One way of looking at marriage is as a rather odd sort of package deal, an exchange in which the two parties agree to share income, housing, sexual favors, and a collection of productive activities such as cooking meals, cleaning house, washing dishes, and rearing children. Seen from this standpoint, the motivation for marriage is, in part, the existence of economies of scale in production--it is easier to cook one meal for two people than two meals each for one person--and, in part, the advantage of division of labor. A marriage is simply a particular kind of two-person firm. Basic Research Questions: 6.How the knowledge of the economics of love can be put to use by any individual or any industry? Methodology: Research has shown that basic economic principles can be applied to intangible concepts like love & marriage. Various economists have done research on these topics and have tried to explain the concepts of love and marriage using economic analysis. In this paper the methodology applied was as follows: The first approach was to build the basic research questions mentioned above based on which the analysis was to be done. The basic objective of this paper was tried to be summarized by these questions. The basic approach of research was based on journals & articles published by various economists on these topics. The internet was used for most of the readings. This was done to find out the answers to the basic set of research questions. Analysis was involved in applying the various economic concepts to the topic. Demand & Supply Analysis: Demand for love and marriage is similar to the demand for labor by firms. It is a derived demand based on the productivity of the labor and the value of the products of that labor. However unlike in the case of the labor market where it is easier to place a rupee value on the labor, it is very difficult to measure quantitatively the value of labor in the marriage market. Cost Benefit Analysis of Love & Marriage: Emotional Needs Esteem Needs- They include having self worth, self approval, job satisfaction and personal achievements. People who are attracted to people needing help and support do so to satisfy their esteem needs. Social needs - Social needs include the need for social acceptance, prestige, and access to certain people, events, or resources. Most people also need a sense of community belonging. Family and friends approval of you is higher if you are able to attract a mate. Married men are perceived to be more responsible than single men. Good and bad moods can make people more susceptible to falling in love. Pursuing people who are social outcasts or have less social prestige is easier. Safety Needs- Being in love provides a person to help you deal with life's stresses and dangers. The need for stress reduction depends on two factors. The first factor relates to your current stress levels and tolerance. The second factor relates to your support network size, quality, and access. Entertainment Needs: Most forms of entertainment are social. Being in love provides a participant for existing hobbies and interests. Lovers are a source of intellectual...
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