![]() Figure 2 shows this relationship in a broad macro perspective: historically, as the world’s per capita GDP has grown fertility rates have tended to decline. This negative income-fertility relationship has been observed in every developed nation, both when examined over time in relation to income growth and when looked at in a cross- country comparisons (see Jones et al. One of the most robust observations regarding fertility is that – in contrast to many other types of expenditures – there is a strong negative association between earnings and the number of children (Figure 1). Negative Income-Fertility Relationship and Low Fertility However, viewed from this perspective, the choice to have children turns out to be special in several dimensions. ![]() Since having children is associated with considerable costs (both in terms of money and time) as well as gains in a number of dimensions, the decision to have a child can be formulated as an economic decision. Becker’s approach to the family extends this reasoning to human relations and presents decisions on partnership, divorce and family formation in the context of ‘economic’ trade-offs between costs and benefits. In economics, goods are any real objects that satisfy people’s needs and typically come at some cost.
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