Unpaid care work is both an important aspect of economic activity and an indispensable factor contributing to the well-being of individuals, their families and societies. Yet, it is still absent in the discussion of labor policies and economic growth. Then, the question is: How much should we pay for care work? Prof. Jayoung Yoon explains how to value non-market work and exemplifies what adding value to unpaid work would look like in real life.
As she breaks down the values of unpaid work in Korea, she finds out that women still continue to produce considerable economic value at home in the form of unpaid care. In terms of opportunity cost, every minute more that a woman spends on unpaid care work represents one minute less that she could be potentially spending on market-related activities or investing in her educational and vocational skills. Thus, Prof. Yoon stretches the need to correctly estimate the economic value of unpaid work to enhance the value of care work in the market, and advocate for a more fair distribution of work.