Role Of Family In Economic Development

Role Of Family In Economic Development

Development

Every family in a state or a nation is an important asset to that region or nation. The economic functions of a family are important for the growth and development of a country, and the employed members of a family provide the workforce to the industries that work towards the GDP of the nation. Each family unit is necessary for the establishment of the institutions that are leading the societies today. A family can provide goods and other services to each other and sustain the well being of multiple members.

We need to look at family is an individual, organizational unit of individuals with different roles, privileges, options, and obligations. Different criteria have been established by the governments of different countries which oversees the distribution and development of resources and responsibilities for the families. These criteria are not based on the sex, age, financial condition, or roles they play in society.  They are set to control the growth in demands of a single family unit which can disturb the stability of sustainable development. The scarcity of resources and sudden demands of the families more frequently can result in the unequal distribution of resources and services. The members of low-income families are observed to face more of such problems as compared to families with sufficient economic background. Let us look at the roles that Families play in contributing to the economic development of society.

 

Production of goods and services

Most of the industries in the market today are making products which are important for families as a whole. Families need food, clothes, house, vehicles, raw materials, kitchen appliances, etc. for its survival and well being. The industries are useless without the consumers, and families provide that major consumer base for these industries to grow.

Political functions

Political functions

The main objective of a government is to fulfill the needs of the people in under its supervision. The families is the sector which requires the maximum priority as the needs and demands of a family also benefits the needs and demand of all the individuals in that family unit. If the government manages to satisfy the demands of the families, it helps the authorities to advance in other aspects as in return they get the support of the families with individuals that serve the process of their agendas.

Human, social and moral capital

Families are the base which reflects the strength of any nation. The government recognizes as the most important social institution. A poorly functioning family is a symptom of a sick and weak society. When a family experienced a breakdown, the moral capital of the society, which leads to a negative impact on political economy. Families should always be a top priority of economic and social development to build a strong and advanced nation.