may chieu | saint james medical school |
The Best Nanny Money Can BuyPublished: April 6, 2012
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How often is it the case that one parent (usually the mother, but there is a small group of fathers in this category) gives up a high-paying job to take care of children, particularly preschool-age children? In those cases, the household is "paying" for their services in the form of what economists call an opportunity cost. In this case, it is the loss of the salary of the parent staying at home. If that parent would have earned $50,000 to $100,000-plus a year, that means your internal nanny service (i.e., the parent) is as extravagant an expense as an Upper West Side counterpart.
Related
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It's the Economy: The Best Nanny Money Can Buy (March 25, 2012)
JOSHUA GANS,
posted on forbes.com
Clearly basic supply and demand are in effect here, and these women are earning exactly what they should be, with merit and qualifications taken into account. Working 24 hours a day, living on the premises, doing everything for the children, including teaching them, etc.? It looks as if we're finding out what the economic value of the mother of the household is — at a minimum, since this is the amount the family is willing to pay to offload that work to another person. Still surprised that it costs a lot?
DEREK SIEBERT,
Iowa City, posted on nytimes.com
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