Deficit by Emma Holten is a powerful and thought-provoking exploration of how capitalism has shaped societal perceptions of value, especially when it comes to women and care work. Through a series of historical and contemporary examples, Holten highlights how economic systems, dating back to the Enlightenment, have undervalued acts of care – particularly those associated with women – and assigned them a value of zero.

Holten draws on diverse case studies, from the witch trials and the role of midwives in history to the modern treatment of celebrities like Britney Spears, to show how the value of care work has been ignored by economists and policymakers. She demonstrates how this systemic undervaluation of care has disastrous consequences, not only for women but for society as a whole. At a time when we have achieved unprecedented wealth and technological progress, we are also witnessing the collapse of our care systems, the worsening of inequality, and the degradation of human life, all because care work remains invisible in an economic sense.

This book critiques a system where our worth is tied to our economic productivity, and Holten challenges the reader to reconsider what truly constitutes value in a society. It’s a call to action to reimagine the way we think about work, gender, and societal worth, urging a shift towards recognising the importance of care and those who provide it. Holten’s passionate and incisive writing makes Deficit not only a critique of capitalism but also a deep dive into the inequalities that arise when care and women’s contributions are ignored.

For anyone interested in feminist theory, economics, or social justice, Deficit is an essential read that will leave you with a new perspective on the world we live in and the changes needed to create a more equitable future. Holten’s voice is unapologetic, illuminating, and absolutely necessary in today’s world. This is a book that challenges the status quo and invites readers to rethink the foundations of modern society.

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I found this book informative and interesting. I liked the explanations, they made sense.
A lot of work and research clearly went into this, and it's appreciated.
Thanks to Netgalley and the publisher for an ARC in exchange for an honest review.

Emma Holten has taken on an enormous task in trying to evaluate and capture a rather esoteric issue. As a (long retired) female, I fully understand the issues she considers. Women have always been undervalued both as human beings and in terms of their contribution to society or the economy. In a male dominated world, and I’ve seen very little evidence of meaningful change in recent decades, women are perceived as a burden. The world of economics and statistics ( far too complex for fuzzy female brains, obviously) is dominated by often irrelevant and incorrect assumptions about value. If a female worker attempts to influence or change traditional male areas, too often she’s seen as strident or difficult. The same attitude in a man would be perceived as positive and go getting.

Emma’s narrative almost literally made my blood boil at times. She nails all those nasty perceptions and inequalities in a way that’s easy to understand. There are so many topics that would provide outstanding talking points and she explains complex issues in an easy to understand way. The translation feels sympathetic; the narrative flows and although it’s an intense read, it’s one I’ve enjoyed. After higher education, I joined the workplace as a junior manager in the early 1970s. Other managers were male and it was believed that I was working for ‘pin money’; enough to save up for a wedding or to indulge my life with frivolities. I couldn’t get a mortgage without a male guarantor and was denied opportunity for accelerated promotion. My employer took the view that investment in my career would be a waste of money because I’d leave to have children. And told me so. Change is needed but sadly, I fear it’ll still be a long time coming.

There’s an extensive index and notes throughout. Concise and thought provoking. I wish her well on her difficult journey with a dreadful auto immune condition and she may be assured that time spent writing is giving so much to others. Thank you.

Why caring for family and others is discounted as being useful to the economy. The author explains the historical lack of worth of women, e.g. single women being regarded as witches in the Middle Ages. She rightly believes that “caring is the work that makes all other work possible”. If no-one looks after children and the elderly, society would be a poorer place in all senses. She cites authors such as Hobbes, Locke and Adam Smith as well as more recent ones. Interesting but you need time to digest it.

Deficit offers an eye-opening take on the global economy and a political system that is unable to put a value on care. Holten takes on economic theory in a way that's conversational, engaging and easy to read. Starting with some brief historical context, she explains how we wound up with the global domination of GDP and the somewhat dysfunctional system we use today.

I only wish Holten went a bit further - her definition of care seems very much focused on healthcare and education. She mentions climate action and caring for our environment briefly, but nothing about art, culture and heritage - things we sometimes try to assign prices which often don't reflect their true value. I'd also be fascinated to explore the idea of 'housing care', such as landlords investing in their tenants' standard of living, and the impact this has on our economic lives.

It's always a good sign when a book gets you thinking. Deficit is a must-read for anyone interested in politics and saving our public services.

Deficit critically examines how mainstream economics has shaped our understanding of value, particularly in ways that erase unpaid care work and environmental costs. The analysis offers a sharp critique of the economic assumptions that continue to shape policy today. By unpacking the history of price theory and economic measurement, the book raises important questions about what—and who—gets valued in our current system. A thought-provoking read for those interested in feminist economics and political economy.

Explains what we already know, but they why we are not valued. Caring for family isn't valued in the economy.
This translates to the caring industries which are primarily staffed by females.
An enlightening read as it backs up what you already feel.