Katrine Marçal: Who Cooked Adam Smith’s Dinner?

Overview

Katrine Marçal’s book, “Who Cooked Adam Smith’s Dinner? A Story about Women and Economics”, explores the fundamental question of economics: “How do you get your dinner?” While the question might seem straightforward, the answer reveals the complexities of economic theories and practices. Adam Smith, the father of modern economics, famously claimed that self-interest and financial gain drive all human actions, giving rise to the concept of “economic man”. This notion has dominated economic thinking, portraying humanity as inherently selfish and profit-driven. However, Marçal highlights the contradiction in Smith’s own life, where his mother lovingly prepared his meals, not out of self-interest but out of affection, pointing out the overlooked contributions of unpaid domestic work in our economic models.

Marçal delves into the pervasive undervaluation of women’s labour, illustrating how the unpaid work of mothering, caring, cleaning, and cooking is often excluded from economic calculations. She criticises economists who argue that women are paid less because their labour is inherently worth less. Through an engaging narrative, Marçal traces the evolution of “economic man” from Adam Smith’s era to its adoption by the Chicago School of Economics and its catastrophic role in the 2008 Global Financial Crisis. By challenging the entrenched economic paradigms, Marçal invites readers to reconsider the value of unpaid labour and recognise the vital role it plays in sustaining economies and societies.

Synopsis

Katrine Marçal’s book spans 240 pages and consists of sixteen chapters, each delving into different aspects of economic theory and gender.

Chapter One:
We are introduced to the world of economics by asking a seemingly simple question: who was Adam Smith’s mother? Marçal sets the stage by questioning the foundations of economic theory and highlighting the often-overlooked contributions of unpaid domestic labour.
Chapter Two:
The concept of “economic man” is presented, showcasing the seductive allure of this rational and self-interested figure. Marçal explores how this idea has shaped economic thought and influenced our understanding of human behaviour.
Chapter Three:
Marçal points out that ‘economic man’ is inherently male, and the model excludes women. The chapter delves into the gendered nature of economic theories and their implications for women’s labour and societal roles.
Chapter Four:
The reality of our relationship with “economic man” is examined, revealing that it hasn’t turned out as expected. Marçal critiques the shortcomings and failures of economic theories when applied to real-world scenarios.
Chapter Five:
Women are finally added to the economic equation, and Marçal discusses the impact of including women’s labour and contributions in economic models. The chapter explores the transformative potential of recognising and valuing unpaid work.
Chapter Six:
Las Vegas and Wall Street are metaphorically merged to illustrate the convergence of gambling and high-risk financial practices. Marçal draws parallels between these worlds to highlight the speculative nature of modern economies.
Chapter Seven:
The chapter covers the global economic collapse, tracing its roots and examining the role of “economic man” in the 2008 financial crisis. Marçal critiques the flaws in economic models that led to widespread financial turmoil.
Chapter Eight:
Marçal challenges the notion that men themselves are like “economic man”. She explores the diversity of human behaviour and the limitations of the rational, self-interested model in capturing the complexity of men’s actions.
Chapter Nine:
Economic incentives are scrutinised, revealing that they are not as straightforward as they seem. Marçal explores the nuances and complications of motivating human behaviour through financial rewards.
Chapter Ten:
The chapter argues that desiring more money doesn’t necessarily equate to selfishness. Marçal delves into the motivations behind financial aspirations and challenges the simplistic view of self-interest.
Chapter Eleven:
A discussion on negative numbers in economics, highlighting that zero remains zero even when negative. Marçal uses this analogy to critique economic models that fail to account for real-world complexities.
Chapter Twelve:
The entrepreneurial spirit is examined, with Marçal exploring how everyone is expected to become an entrepreneur in the modern economy. The chapter critiques the pressures and challenges of this expectation.
Chapter Thirteen:
Marçal debunks the notion that the uterus is akin to a space capsule, addressing misconceptions about women’s bodies and their economic value. The chapter critiques the dehumanisation and commodification of women’s reproductive labour.
Chapter Fourteen:
The unforeseen depths and fears of ‘economic man’ are explored, revealing vulnerabilities and shortcomings in this model. Marçal examines how these flaws impact economic theories and practices.
Chapter Fifteen:
The greatest story of our time is critiqued for having only one sex. Marçal highlights the gender bias in economic narratives and the need for more inclusive and diverse perspectives.
Chapter Sixteen
Marçal concludes by discussing how every society suffers in proportion to its acceptance of flawed economic models. She bids farewell by urging readers to reconsider and challenge established economic paradigms.

Why you should (not) read it?

Katrine Marçal’s book offers a compelling critique of the foundations of economics, highlighting the exclusion of women’s unpaid labour from economic models. The book is worth reading for its engaging narrative and provocative ideas, as it challenges readers to rethink the value of traditionally overlooked contributions, such as mothering, caring, and household work. Marçal’s exploration of the myth of “economic man” provides a fresh perspective on the history of economic thought and its impact on modern-day capitalism, making it a valuable read for those interested in gender studies and economic history.

However, the book’s approach to critiquing economics is not without flaws. Marçal’s arguments often rely on oversimplifications and sweeping generalisations, which undermine the complexity of the field she aims to critique. Her dismissal of sub-disciplines such as Game Theory and Behavioural Economics, which address many of her concerns, weakens her case. Additionally, the book’s writing style can be jarring and lacks the clarity and rigour expected in non-fiction works of this nature. As a result, readers with a background in economics may find the book frustrating and unconvincing, as it fails to provide substantial evidence to support its claims. Despite its thought-provoking premise, the book may fall short for those seeking a more nuanced and well-rounded analysis of the issues it addresses.

Critics and review

The book has received mixed reviews from critics and readers. On Goodreads, the book holds a rating of 3.68 out of 5, based on over 3,500 ratings. On Amazon, it has a slightly higher rating of 4.2 out of 5, with readers appreciating its thought-provoking premise and engaging narrative. Critics have praised Marçal for her witty and courageous dismantling of the myth of “economic man” and her ability to bring attention to the often-overlooked contributions of women’s unpaid labour. However, some reviewers have pointed out that the book’s arguments can be oversimplified and lack the depth required for a comprehensive critique of economic theories.

Despite its shortcomings, the book offers an interesting concept that challenges traditional economic paradigms and invites readers to reconsider the value of unpaid domestic work. Marçal’s engaging writing style and provocative ideas make the book an accessible and thought-provoking read for those interested in gender studies and economic history. While the book may not satisfy readers seeking a more rigorous and nuanced analysis, it succeeds in sparking important conversations about the role of women in the economy and the limitations of existing economic models. Overall, “Who Cooked Adam Smith’s Dinner?” is a valuable contribution to the ongoing discourse on gender and economics, even if it falls short in some areas.

Verdict

“Who Cooked Adam Smith’s Dinner? A Story about Women and Economics” by Katrine Marçal is an ambitious attempt to challenge the gender biases inherent in traditional economic theories. While the book succeeds in highlighting the overlooked contributions of women’s unpaid labour and sparking important conversations about the role of gender in economics, it falls short in terms of depth and rigour. Marçal’s arguments often rely on oversimplifications and sweeping generalisations, which can undermine the complexity of the issues at hand. Despite its engaging narrative and provocative ideas, the book may leave readers seeking a more nuanced and well-rounded analysis feeling unsatisfied.

About the author

Katrine Marçal, formerly known as Katrine Kielos, is a Swedish author, journalist, and economic commentator. She is best known for her work on gender and economics, particularly her critique of traditional economic theories that overlook the contributions of women’s unpaid labour.

Beside this book, she is also the author of “Mother of Invention: How Good Ideas Get Ignored in an Economy Built for Men” which explores how innovation has historically overlooked women’s contributions.

Marçal is a global economic commentator for Dagens Nyheter, Sweden’s largest broadsheet newspaper, and has given keynote speeches at prestigious institutions such as Oxford University and the London School of Economics.

Marçal’s work has not been without controversy. Some critics argue that her critiques of economic theories are oversimplified and lack the depth required for a comprehensive analysis. Additionally, her dismissal of sub-disciplines such as Game Theory and Behavioural Economics has been seen as a significant oversight.

Despite these criticisms, Marçal’s contributions to the discourse on gender and economics have been influential, and her engaging writing style has made complex economic concepts accessible to a broader audience. Her work continues to spark important conversations about the role of women in the economy and the need for more inclusive economic models.