Govt identified value of unpaid household work done by women: Planning minister

Planning Minister MA Mannan said on Monday that the government has identified the economic value of unpaid household work done by women, based on a study conducted by the Bangladesh Institute of Development Studies (BIDS).

He said the combined value of female household work is a huge amount, according to the BIDS report that will be published after approval by Prime Minister Sheikh Hasina.

The minister made the announcement while speaking as the chief guest at a ceremony to unveil a book written by economist Birupaksha Paul, titled "Sahoj Kathay Orthoniti" (Economics in Simple Language) in Bengali.

MA Mannan said that Prime Minister Sheikh Hasina has directed that the contribution of women in household work be highlighted. "She noted that women's work is often undervalued, and that it should be included in GDP calculations."

The minister also said that measuring the value of women's domestic work would provide a more accurate picture of the size of the economy and contribute to women's empowerment.

Atiur Rahman, former governor of the Bangladesh Bank, praised Birupaksha Paul for presenting the basic ideas of economics in a simple and engaging way.

He also praised Birupaksha Paul's writing style, noting that it is both humorous and insightful. He said that the book will appeal to readers because of the real-life examples that the book uses.

He said that the book provides a comprehensive overview of the interrelationships between the labour market, product market, and money market. It also explains the role of fiscal policy and monetary policy in managing the economy.

He encouraged policymakers to read the book to learn more about these important topics.

In a separate comment, Atiur Rahman warned that tension in the Middle East could lead to higher fuel prices, which would put upward pressure on inflation due to the rising costs of transportation and production.

Economist Birupaksha Paul compares inflation to blood pressure in the human body, saying that both should remain at a moderate level.

He notes that low inflation, such as in Japan for a decade, can dampen business enthusiasm, as consumers take more time to buy durable products if there is no risk of price increases in the near future.

He also points out that high inflation reduces purchasing power for people, which reduces aggregate demand and consumption.

"Consumption comprises over 70% of our economy, and any significant drop in consumption reduces GDP growth," Paul says.

He added that his book has been written in a simple language to make economics understandable to common people and includes stories from villages to illustrate economic concepts.

Former secretary Abdus Samad Faruk said that the book presented all of the basic terms of economics with proper examples from practical life.