Topic: Inclusive growth and issues arising from it
Q5. What is the care economy? Examine its contribution to economic and social development. (10 M)
Difficulty Level: Easy
Reference: IE
Why the question
The recent Supreme Court recognition of the economic value of unpaid domestic labour has revived discussions on the care economy and its contribution to development.
Key Demand of the question
The question requires explaining the concept of the care economy and examining its contribution to both economic development and social development. The focus should be on how caregiving activities support growth, productivity and societal well-being.
Structure of the Answer:
Introduction
Define the care economy as the ecosystem of paid and unpaid caregiving activities that sustain human well-being, productivity and social reproduction.
Body
- Care economy: Explain the meaning, scope and major components of care-related activities.
- Contribution to economic development: Show how care work supports workforce participation, productivity, employment and human capital formation.
- Contribution to social development: Highlight its role in welfare, inclusion, social cohesion, gender equality and quality of life.
Conclusion
Conclude by emphasizing that recognising and strengthening the care economy is essential for achieving inclusive, sustainable and human-centred development.
