Family (economics) Totally Explained

Everything about Family Economics totally explained

The family, although recognized as fundamental from Adam Smith on, received little systematic treatment in economics before the 1950s. A significant exception was Thomas Malthus's model of population growth. The work of Gary Becker and others initiated contemporary research with the application and extension of microeconomic theory and empirical methods. Standard aspects include:* fertility and the demand for children

interrelation of 'quantity' and 'quality' of children through investment of time and other resources of parents
altruism in the family (including the rotten kid theorem)
sexual division of labor through the household production function and outside the household.
mate selection and marriage
divorce, marriage, and imperfect information
family background and opportunities of children.
intergenerational mobility and inequality (including the bequest motive)
human capital, social security, and the rise and fall of families

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