ECON 329 Lecture Notes - Lecture 1: Potential Output, Opportunity Cost, Human Capital
Document Summary
Average number of live births per 1000 population of women age 15-44. Statistically it can be shown that birth rates are higher in developed countries. non- Average number of children per woman of child bearing age. (usa 1. 86) This statistic varies modestly with mortality rates in most countries. In poor nations the cost of raising children is lower, but why: families do not invest heavily in health care, families do not invest heavily in education, women have fewer alternatives to income. What are the benefits of having children in poor nations: children may work and contribute income to family, children are able to support parents in old age. In industrialized nations the cost of raising children is very high, but why: families invest heavily in health care, families invest heavily in education, higher educational attainment and greater income potential for women. What are the benefits of having children in industrialized nations: minimal monetary benefit:
