Gender identity and gender norms have important social constructs shaping social structures and affecting socio-culture landscape of the society. But gender identity and gender norms also plays an important role in economic decision making and is recently used by economists for explaining many economic phenomenon specifically related to employment. The specific role of care giving associated with women has important social and economic implications. The review article focuses on economic interpretations and implications of gender norms and gender identities. Recent and current research trends in economic analysis highlights underlying factors which shape identities, divisions and social norms particularly in the context of labour market outcomes, financial decision making intra-households dynamics.